got a letter walgreens 5 6 19 want to buy back my frozen vacation time at 70 %
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What do you need clarification on? I'll list the general info, but be specific if you need further information.
So, Walgreens is offering to buy out your frozen vacation time for 70% of the value. It's fine if you're hard up and need the money. Otherwise, it doesn't make sense to do that because the frozen vacation bank if yours to keep at 100% value until you leave the company or use it when you drain your PTO.
Your frozen vacation bank is what you got for your unused vacation time when Walgreens switched to the PTO system in 2015(?).
PTO needs to be below 40 hours on 3/31/2020, otherwise you lose any hours above 40. This will be ongoing every year on March 31st. There are exceptions in protected areas like California.
Can anyone clarify? I am confused if we are talking about the frozen bank being taken from us or the pto over 40 hrs carry over. The frozen bank per their policy can not be removed only the pto carry over.
caliASM,
I got this from their Employees@home policy page for PTO (it moved and is now tricky to find, but all the policies are now in downloadable PDF files):
"Vacation Frozen is a bank of time where the unused vacation time from the previous time-off policy is stored. Vacation Frozen can be withdrawn if PTO is not available. Since you own this time, unused time in your Vacation Frozen will be paid out to you if you leave the company."
A similar statement is in the "Frozen Vacation and Sick Bank Policy."
I download the PDF files from my records if there is a dispute later on. I'm trying to hold on to my seven weeks of frozen as a nest egg if something happens to my employment, so the risk to carry it over next year is worth it to me.
You guys need to pay attention to what is happening. They're offering to buy it because it's about to be wiped out of your bank. Except in states that protect employees. If you can't use it before the deadline, you will lose it. FOREVER. I have a feeling most employees aren't getting the Compasses on PTO changes communicated to them by their SM's. As for all the Cali employees, this is an absolute outrage that they would try to steal something from the employees like this. This will lead to another lawsuit down the road when some poor soul realizes they sold their hard earned vacation time at a discount and didn't need to.
I have a decent savings, so I'm not taking the deal. At almost seven weeks of frozen vacation time, it will be nice lump sum whenever I decide to take my skills to an employer who will appreciate them. To cash it out now would cause me a $1,100 loss. Unfortunately, there are a lot of employees who are either hard up or not very bright and Walgreens is looking to take advantage of them.
Is on compass they trying to prevent the employees to take all the time off, but I will take all my time one week every month I will not waste my money.....
Any way they can save money, huh?
Got one as well. Distribution side.