If you’re an employee at the Oregon Health & Science University (OHSU) and you’re planning to leave the organization, one of the questions that may come to your mind is whether you’ll receive payment for any unused vacation time. Let’s explore this topic in detail.
Understanding OHSU’s Vacation Policy
Before we delve into whether OHSU pays out vacation time or not, let’s first understand their vacation policy. According to OHSU’s human resources department, all eligible employees accrue paid time off (PTO) which includes vacation, sick leave, and personal business days. The amount of PTO an employee gets depends on several factors including their job classification, years of service, and employment status.
Who is Eligible for PTO?
All regular employees who work half-time or more are eligible for PTO. However, temporary employees and student workers are not eligible for PTO.
Accrual Rates
Employees accrue PTO based on their employment status and years of service. Here are the different accrual rates:
New employees: Employees who have worked at OHSU for less than five years accrue 15 days (120 hours) of PTO per year.
Employees with 5-9 years of service: These employees accrue 20 days (160 hours) of PTO per year.
Employees with 10 or more years of service: These employees accrue 25 days (200 hours) of PTO per year.
Does OHSU Pay Out Vacation Time?
Now coming back to our original question – does OHSU pay out vacation time when an employee leaves? The answer is yes.
According to OHSU’s policy, all eligible employees who resign or retire from the organization will receive payment for any unused PTO. This includes vacation, sick leave, and personal business days.
How is Payment Calculated?
The payment for unused PTO is calculated based on the employee’s hourly rate at the time of separation. For example, if an employee earns $20 per hour and has 80 hours of unused PTO, their payout would be $1,600 (80 x $20).
It’s important to note that this payout is subject to federal and state taxes as well as any other applicable deductions.
Conclusion
In conclusion, if you’re an eligible employee at OHSU and you’re planning to leave the organization, you can rest assured that you’ll receive payment for any unused PTO including vacation time. The payout is calculated based on your hourly rate at the time of separation and is subject to taxes and other deductions.