Buying or selling annual leave policy template
Recent customers:
Use this model policy to detail the rules and arrangements for a scheme that allows your employees to buy or sell annual leave.
Buying or selling annual leave policy
1 Overview
1.1 The purpose of this policy is to cover rules for any employee who wishes to buy or sell annual leave.
2 Scope
2.1 This policy is applicable to all employees of [company name].
3 General principles
[Company] operates a policy of granting all employees [six] weeks' paid holiday entitlement each year. It is recognised, however, that some employees may wish to take longer or shorter periods of holidays and for this reason we operate a policy of allowing employees to "buy" or "sell" some holiday entitlement, subject to certain conditions.
3.1 Conditions for buying or selling holiday
3.1.1 The conditions for buying or selling holiday are as follows:
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[Company]’s holiday year runs from [January to December].
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The maximum amount of additional annual leave that you may "buy" in any one holiday year is [one week/two weeks].
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The maximum amount of annual leave that you may "sell" in any one holiday year is [one week/two weeks]. This is because no employee can sell holiday that results in his/her being entitled to less than the statutory minimum paid holiday each year as this would be in breach of the Working Time Regulations 1998.
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[Company] reserves the right to refuse an application to buy or sell holiday. In respect of a request to buy holiday, it may be necessary to refuse a request for operational or technical reasons related to your job. In respect of a request to sell holiday, management may
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What is this for?
The Buying or Selling Annual Leave Policy provides employees with the flexibility to adjust their leave entitlements based on personal needs. It outlines the procedures for purchasing additional leave or selling back unused days to the company, ensuring a transparent and fair process.
This policy aims to enhance employee work-life balance and satisfaction while allowing the organisation to manage leave balances effectively. It promotes flexibility and offers a structured approach for employees to tailor their leave to suit their circumstances.
