Selling Leave

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Is it legal or possible to "sell" get paid out for leave days accumulated without leaving the company?

I have a fair whack of them and can safely get rid of half the days and still get a December holiday. Is it possible/legal to do this?

Is it up to the company to make this decision or are they not allowed to?
 
Yes you are allowed to cash out your leave, but you get taxed heavily on it.
The company I work for allows a maximum of 45 days leave balance, so you have to cash out or take leave otherwise you lose it!
 
ooh, Taxman is gonna hid u hard on those. 45% i think. It's better to take the leave than the money normally.
 
I wish I had leave to sell! Since we work for ourselves we only take leave when/if we can - so there is not even an alloted number of days per year :(
 
It's the company's decision but they'll normally either force you to take the leave or if they're really nice and like you, pay you for the leave owed because it's so nice having you around...

Tax won't "kill" you. Depending on how much it is and what your salary is, you might look at maybe paying 2-3k more in Tax that one month.

In my viewpoint, leave is more important than the money they can give you for it. So I'd rather keep my leave and then take it all at once ;)
 
AcidRaZor said:
It's the company's decision but they'll normally either force you to take the leave or if they're really nice and like you, pay you for the leave owed because it's so nice having you around...

Tax won't "kill" you. Depending on how much it is and what your salary is, you might look at maybe paying 2-3k more in Tax that one month.

In my viewpoint, leave is more important than the money they can give you for it. So I'd rather keep my leave and then take it all at once ;)
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i have a fair whack of leave, and actually dont really like taking long periods off work anyways, it tends to pile up.....

bullfrog said:
http://www.acts.co.za/bcoe97/index.htm
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ah, seems like i shall have to whore my body off in order to get some extra cash....
 
tau1z said:
i have a fair whack of leave, and actually dont really like taking long periods off work anyways, it tends to pile up.....



ah, seems like i shall have to whore my body off in order to get some extra cash....
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What do you do then? Are you like in the most stress free job ever?
 
tau1z said:
ah, seems like i shall have to whore my body off in order to get some extra cash....
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The act (btw) stipulates guidelines of employment. If your contract does not have anything in re: leave for example, it automatically falls on the BCEA. However, this, typically based on your salary, can be overridden. For example,if you're a manager of a company earning 300k or more per year, some of these stipulations can be overridden by your contract and agreed on mutually.

On mutual agreement this can be ignored. Just ask your employer. No idea why you would ask a forum first ;)
 
Take your leave!

It's not worth cashing it in as the taxman will buttrape you.

The only time you should consider cashing in your leave is when you are planning on leaving a company.

I would take leave over cash anytime, heck I used to swap my overtime for time off rather.
 
AcidRaZor said:
What do you do then? Are you like in the most stress free job ever?
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I am in IT Security... it has its moments :)
ponder said:
Take your leave!

It's not worth cashing it in as the taxman will buttrape you.

The only time you should consider cashing in your leave is when you are planning on leaving a company.

I would take leave over cash anytime, heck I used to swap my overtime for time off rather.
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I usually take a week or so in December and one or two days during the year, so it builds up and to be honest the money is much needed!!!

I know my contract does not stipulate anything about this, and just wanted to make sure its legal to do before asking my employer should the need arise!!
 
tau1z said:
I know my contract does not stipulate anything about this, and just wanted to make sure its legal to do before asking my employer should the need arise!!
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If your leave accumulates above a certain point you can also loose it as far as I know.
 
ponder said:
If your leave accumulates above a certain point you can also loose it as far as I know.
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Not if it's not in the contract. The employer would just make you go on leave that's all.

Knew a guy who had 98 days of leave accrued. The company forced him to go on vacation (he still pitched for work only for an hour or two on odd days though, he's hardcore)

And should he decide to leave the company they had to pay out almost 5 months worth of salary at once.

I'd let my leave just sit there. Maybe go on holiday for longer during December. If your job isn't stressful now it will be. IT sucks balls.

Then if you do decide to take a different job, you could always tell the company, instead of paying out the leave, if you can take the leave and go earlier.

That way you have a nice little vacation before the new job starts, or a bargaining chip to start earlier if they require it.
 
My contract says I can sell back up to 5 days of leave a year.
 
In govt departments there is a circular from DPSA that forbids selling leave. If you have leave days left over from the previous leave cycle, you forfeit them by June, unless you've made arrangements.

You need to either use up your days by June, or write a motivation explaining why you were unable to take your leave days - and it can't be a frivolous reason. It must usually be something work related eg you had to go overseas for work during the time you'd planned leave.
You & your boss can also arrange for you to take your leave days asap after June.
 
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