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Mar17

accrued unused vacation

our business has been running a skeleten crew for some time now, and we are about to close, or change owners. there has been no time for employees to use up their vacation, – does the owner have to pay out the accrued hours upon termination due to closure or buyout?

In the event of a closure, you may be required to pay out accrued unused vacation depending on state law. You should check the state requirements for payout of accrued vacation time.

In the event of a change in owners, you can probably negotiate with the new owners on current employee vacation time, they may be willing to honor the time and pay out. In the event the new owners do not pick up the vacation, you should check state law on payout.

This entry was posted on Sunday, March 17th, 2013 at 4:54 pm and is filed under
Human Resources Management.
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