I am one of those people with a lot of PTO because I worked so much and rarely took time off. The reorg screwed me over and I’m planing my exit.
How much of my PTO can I encash when leaving? Are there limits?
I could always ask HR but I’ll probably get flagged.
TIA
The idea to burn all your PTO right as you start a new job and then quit during the last two weeks of that PTO might be one of the d-mbest things I’ve ever read here. Talking to you @box.
I mean, did you not think thru all the numerous impracticalities and problems with that scheme? With your idea you’d be screwing over yourself more than the company! You just have to actually think about it for more than 10 seconds to understand why.
Mic drops are for when you’ve said something clever. Not for when you’ve said something fantastically d-mb.
People saying to use your PTO before leaving? Those folks must be company people. If you're salaried, you're essentially giving away cash. Your hours are fixed... just take the money and run. Your PTO is essentially another paper check on top of your final pay.
Stupid to burn all your pto then quit. That's what someone broke and stupid does.
If you want to be a real a**ho-e, just ghost your job then say your resigning immediately when they're onto you. They won't know when you officially ghosted your position and you'll get your final pay. Easier for them just to move on.
Don’t forget the covid “mental health” PTO. Use it or lose it.
All of it. Take the cash and go on a real “this is your brain off Nike” vacation. You’ll wonder why didn’t do it sooner.
OP here - thank you all for your responses / suggestions.
Just take all of it and say it’s a family situation that requires you to tend to for a while, and resign when it’s about to end.
The power move is to take all your PTO at once, and start work at the next job when PTO starts. Phone in your resignation on the last two weeks of PTO. Mic drop...
@ftd ... you're only temporarily taxed that high. The process is kinda lazy - they take the paycheck amount x 26 and tax you at that rate from a table (as if you made that salary all year). But come tax time, you are reassessed on your real salary/bonus/dividends, etc. You likely will see a refund if you had planned your taxes to owe $0 before the PTO cash-out (or bonus paid).
If it were earlier in the year, you could always adjust your W-4 to take out less taxes on future paychecks to compensate. But since it's already October, it's not that long until you file taxes.
Just want OP to make an informed decision. As cited above, that money is yours and legally they have to pay it all out to you when you leave.
They will tax your pto at 40%. Take it before you leave or you lose almost half.
All of it; up to the maximum allowed hours in your PTO bank
all of it