We are considering allowing employees to purchase an extra week of vacation. Does anyone else's bank do this? How is your bank implementing it? We assumed that we would take one week's salary and divide it by 24 checks. But what happens when the employee has a mid-year salary change? Do you adjust for the increased salary, or do they get to purchase the week at whatever their pay rate is at the beginning of the year?

I am curious as to why you are considering this. I can't imagine that we'd ever allow this practice.

I wish we did this!

A large national bank in our area allows employees with either 10 or 20 years in (I forget which) to purchase an additional week of vacation.

My understanding is they take a weeks pay, subtracts the insurances and such, and then divies up the remainder and deducts that amount over the remaining pay periods. Any pay adjustments are figured into the first check after the pay change. I am aure there are more details I am not aware of.

Pretty sweet benefit if you ask me!

Three of our competing banks in town (one community bank and two large commercial banks) offer this perk to their employees. We're just trying to keep our benefit packages competitive.

I guess by the time employees have 10 or 20 years, they're not earning vacation time anymore so they're allowed to purchase it. Very interesting!

Thanks for the tips on how to adjust the pay. I hope we implement it...I'm definitely buying a week!

A few years ago, as part of their Cafeteria Plan, BoA allowed employees with 3 weeks or more to sell a week back (extra pay) or, any employee to buy a week, like Just Jay mentioned.

We allow employees to either buy or sell 5 days.

They have a deadline for submitting requests to buy vacation days (I can't remember exactly what that day is). The "cost" is based on their salary as of January 1st that year; however for us we do all salary adjustments then, so we don't have to worry about mid-year changes. The one week salary is taken out of their paycheck in equal installments over the remainder of the year.