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9 minutes ago, Chicken. said:

Yeah I am not a fan of this  BC employment standard policy  (I think it's new ??  At my old job tons of people use to bank time)

 

https://www2.gov.bc.ca/gov/content/employment-business/employment-standards-advice/employment-standards/time-off/vacation 

 

Vacation must be taken within 12 months of being earned. Employees cannot skip taking vacation time and just receive vacation pay.

Annual vacation is scheduled in periods of one week or more unless the employee asks for a shorter amount of time. Employers can schedule vacation time according to business needs as long as employees are able to take their vacation days within twelve months of earning them.

Yup.  I got screwed (fortunately it wasn't a large amount of money) over this.  Lesson learned (don't trust anyone).

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9 minutes ago, Chicken. said:

Yeah I am not a fan of this  BC employment standard policy  (I think it's new ??  At my old job tons of people use to bank time)

 

https://www2.gov.bc.ca/gov/content/employment-business/employment-standards-advice/employment-standards/time-off/vacation 

 

Vacation must be taken within 12 months of being earned. Employees cannot skip taking vacation time and just receive vacation pay.

Annual vacation is scheduled in periods of one week or more unless the employee asks for a shorter amount of time. Employers can schedule vacation time according to business needs as long as employees are able to take their vacation days within twelve months of earning them.

There is a key word in the web page description...advice. 

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1 minute ago, spur1 said:

There is a key word in the web page description...advice. 

I believe it is the government interpretation of the employment standards act.  

 

If you would like to read the actual Act that's fine

 

http://www.bclaws.ca/civix/document/id/complete/statreg/96113_01#section57 

 

Entitlement to annual vacation

57   (1)An employer must give an employee an annual vacation of

(a)at least 2 weeks, after 12 consecutive months of employment, or

(b)at least 3 weeks, after 5 consecutive years of employment.

(2)An employer must ensure an employee takes an annual vacation within 12 months after completing the year of employment entitling the employee to the vacation.

(3)An employer must allow an employee who is entitled to an annual vacation to take it in periods of one or more weeks.

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15 minutes ago, Chicken. said:

Yeah I am not a fan of this  BC employment standard policy  (I think it's new ??  At my old job tons of people use to bank time)

 

https://www2.gov.bc.ca/gov/content/employment-business/employment-standards-advice/employment-standards/time-off/vacation 

 

Vacation must be taken within 12 months of being earned. Employees cannot skip taking vacation time and just receive vacation pay.

Annual vacation is scheduled in periods of one week or more unless the employee asks for a shorter amount of time. Employers can schedule vacation time according to business needs as long as employees are able to take their vacation days within twelve months of earning them.

Depends as well whether you work in a job covered by a collective agreement as most often the terms of the CA supersede either provincial or federal employment regulations.  

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Just now, skategal said:

Depends as well whether you work in a job covered by a collective agreement as most often the terms of the CA supersede either provincial or federal employment regulations.  

Yep. Hopefully he is in a union! 

 

Just posting a reputable source for the fellow that (jokingly?) said he was banking his vacation time for a retirement bonus.

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9 minutes ago, Chicken. said:

Yep. Hopefully he is in a union! 

 

Just posting a reputable source for the fellow that (jokingly?) said he was banking his vacation time for a retirement bonus.

When I retired in February last year I had enough vacation time banked to keep paying me for over 4 months. I used to get 6 weeks a year. I would take 3 and bank 3

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Probably getting away from the topic of Corona Virus (is that a bad thing?) but having worked in business for a long time, most of it in management, I know that the cost of accrued  vacation can be a huge burden for companies.  Imagine if you have 50 employees, all of whom are entitled to 4 weeks vacation.  They have to take 2 weeks and can bank 2 weeks.  if half of them do that, it's 50 weeks  (25 employees x 2 weeks) per year of paid time that the business has to carry forward, along with paying the employees for the time they work when they would have normally been on vacation.  If you work for 15 years and bank 2 weeks vacation per year, you've now got 30 weeks to cash out.  It's an income tax hit if you take it in a lump sum, or in some cases you can just take 30 weeks of vacation and extend your exit date.  Now the business also has to pay for your benefits during that 30 weeks, so it pushes a company to establish clear policies on what banking vacation entitles a person to do.  What is the value of that vacation when it's cashed out?  Current value or the value it was banked at.  Over 10+ years that can be a significant difference?  Is there a limit to how much time can be banked?  Is there a limit to how much time can be used at once?  

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1 minute ago, spur1 said:

When I retired in February last year I had enough vacation time banked to keep paying me for over 4 months. I used to get 6 weeks a year. I would take 3 and bank 3

I am jealous that most companies do not operate that way anymore

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16 minutes ago, Chicken. said:

I am jealous that most companies do not operate that way anymore

It's called cost certainty.  Most companies don't want to buffer for that expense.  And most don't want to pay extra $$ at end of fiscal.   So they ensure you use up allotted vacation leave whether you like it or not.

 

Almost unheard of in non-union jobs.  Even in unions, that needs to be negotiated to accrue bank time.

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1 minute ago, BPA said:

It's called cost certainty.  Most companies don't want to buffer for that expense.  And most don't want to pay extra $$ at end of fiscal.   So they ensure you use up allotted vacation leave whether you like it or not.

 

Almost unheard of in non-union jobs.  Even in unions, that needs to be negotiated to accrue bank time.

Yes I understand why hence my jealousy as an employee. Luckily the small company I am at now does not care about banking time, but I'm not sure if its a company I want to retire at.

 

I wonder how many companies these days even do RRSP matching... like 50% ? 

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4 minutes ago, Chicken. said:

Yes I understand why hence my jealousy as an employee. Luckily the small company I am at now does not care about banking time, but I'm not sure if its a company I want to retire at.

 

I wonder how many companies these days even do RRSP matching... like 50% ? 

Don't count on company RRSP as a sure thing.  Look at Sear Canada.  Those pensioners got screwed. 

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1 minute ago, BPA said:

Don't count on company RRSP as a sure thing.  Look at Sear Canada.  Those pensioners got screwed. 

Unfortunately nothing is a sure thing when it comes to retiring comfortably. It feels almost hopeless for people in their 20-30s starting out.

 

Best bet is to live a minimalist lifestyle then you don't even need that much $ to retire if you can live happily cheaply -_-

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43 minutes ago, BPA said:

It's called cost certainty.  Most companies don't want to buffer for that expense.  And most don't want to pay extra $$ at end of fiscal.   So they ensure you use up allotted vacation leave whether you like it or not.

 

Almost unheard of in non-union jobs.  Even in unions, that needs to be negotiated to accrue bank time.

Yep.  Even though I'm a professional, I'm in a union and we have rules on how many days we are allowed to bank.  We are allowed to carry only 4 weeks vacation at a time.  Anything over and above is paid out.  The rules were changed after a more than just a few employees had almost a full year of vacation time banked to be taken upon retirement.  Gives the employee essentially one free year of benefits as they were still on the payroll.  The company had a huge vacation pay liability in their books.

 

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30 minutes ago, Chicken. said:

Unfortunately nothing is a sure thing when it comes to retiring comfortably. It feels almost hopeless for people in their 20-30s starting out.

 

Best bet is to live a minimalist lifestyle then you don't even need that much $ to retire if you can live happily cheaply -_-

I think the people in their 20's and 30's are hoping for returns from the "Bank of Ma and Pa"

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21 minutes ago, DeNiro said:

Who needs a doctorate when you’re the king?

Doctorate.....  Sounds like you never passed highschool math.

You must have missed a few Sesame street counting episodes....

 

This weekends numbers  grew  20 % higher than last week...  

 

Look for a pattern.  Most of us here actually want to see less covid in BC and not more cases.....

 

 

Monday June 8 . -  30 cases. covid in BC 

Monday June 15. -  36 cases. covid in BC 

Edited by kingofsurrey
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11 minutes ago, coho8888 said:

Yep.  Even though I'm a professional, I'm in a union and we have rules on how many days we are allowed to bank.  We are allowed to carry only 4 weeks vacation at a time.  Anything over and above is paid out.  The rules were changed after a more than just a few employees had almost a full year of vacation time banked to be taken upon retirement.  Gives the employee essentially one free year of benefits as they were still on the payroll.  The company had a huge vacation pay liability in their books.

 

Teacher sick days can never be paid out.  All sick days are lost upon retirement with no buy back options....

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