Question...is it legal to give a long term employee a % of their vacation pay?
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Question...is it legal to give a long term employee a % of their vacation pay?
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The non-profit company I have been working for several years (7+) is closing due to financial issues and government cut backs. They are even considering bankruptcy. We were informed that we would not receive all of our vacation pay, but a percentage. Is this legal. I do understand it is not a legal issue to be reinbursted for ones sick pay, but can they justify vacation pay?
Thank you
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Judy
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Since vacation is a benefit, not something mandated by law, they can legally decrease the amount available. |
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InspectorBudget
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Yes, vacation is considered as a liability on a company's books.
It is considered something you have earned but not collected.
They are under no obligation to pay vacation pay if they are going under - so consider it as an extra benefit that they are willing to do so.
Even a % is better than nothing. |
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Alayna
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smile! |
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Angie
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It probably is legal. Some companies have a "use it, or lose" policy where vacation is concerned. If you don't use it by the end of the year, you don't get to roll it over and you don't get reimbursed.
Considering the financial status of your company, I would consider myself lucky to get any compensation for unused vacation. |
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