Key Terms for Time Off Tracking
A glossary of key terms related to Time Off Tracking.
Time Off Tracking Terminology
- Accrual Rate: The number of 8-hour time off days that workers earn annually.
- Balance Cap: The maximum number of hours someone can accumulate before he or she stops accruing.
- Once he or she dips below this amount he or she will accrue again.
- Carryover Cap: The maximum amount of hours that someone can rollover from year to year.
- The date on which the time off calendar year begins is determined by the administrator and does not necessarily run from January 1 to December 31.
- Floating Holidays: A type of paid leave that workers can request in place of time off for another public holiday.
- Liability: The value of time off accrual that may need to be paid out to someone on their termination date.
- This amount is based on current balance and the worker's hourly rate.
- Minimum Increment: The minimum amount of time (e.g., 3 hours) that someone can request in a single time off request. Requests for less than this amount cannot be submitted.
- Tenure Milestones: Events that increase a worker's accrual rates and award additional days per year based on length of employment.
- Waiting Period: A period of time after a worker's hire date where he or she cannot use or request time off. This may also affect their time off accrual.
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