Are you paid out for any accrued hours? Or is the package purely based on years of service and the vacation hours don’t matter?
I need to decide if I should be taking all my vacation in the next few months or not as I plan to volunteer for the EOI package.
While some things like paid for earned vacation is standard, other terms of the EOI are not set in stone and might be changed for any number of reasons the most basic of which is to sweeten dangling carrot. These are things like vesting terms and number of months they will carry your insurance for you.
For those who have it, What happens to LTIP if you EOI?.. All Vest or All Gone?
What about earned vacation if you are laid off?
True statement: You are only paid out for earned vacation. Good strategy: unless you need to take vacation, take none and take the payout for whatever you can get. Layoffs not likely until later in the year, so can accrue a bunch. If you have less than 4 weeks vacation, you decide whether you want the money or the time off now (to search for another job?).
Is EOI the same as Voluntary Layoff?
MW will outsource your vacation to a low cost engineer in India.
Plan to take all 2025 vacation if you plan to EOI. Getting paid out for earned vacation is taxed at a higher rate.
They changed the vacation policy a few years ago. Now, if you have UNEARNED vacation, you DO NOT get to cash it out. You will only be paid for EARNED vacation. Therefore you may consider just taking your full 2025 vacation allotment upfront, if you are planning to raise your hand for the EOI in 2025 (though, lacking clear communication about what is, in fact, happening in 2025 & when, you might wait a minute). Good luck!
Just schedule ALL your vacation now at once and go from there!
Only Untaken Earned vacation is paid out.
Unused vacation is paid.
Any earned vacation hours are paid out.