Hello, I am looking for a formula I can use in excel that will calculate the accrual of vacation time with the following rules:
The annual PTO allowances for Full-Time employees by years of service are as follows:
Date of Hire Through completion of 2 years = 8 Days (64 hours)
3 years through completion of 7 years = 13 days per year (104 hours)
8 years or more = 18 days per year (144 hours)
Eligible PTO days will be accrued as follows for work performed (not including paid holidays or vacation):
Date of hire through the 3rd month: 13.34 hours per month
4th month through the completion of 1years: 2.67 hours per month 1year through the completion of2 years: 5.34 hours per month
3 years through the completion of 7 years: 8.67 hours per month 8 years or more: 12 hours per month
The maximum carry over (cap) hours an employee may maintain in their balance before they stop accruing is 40 hours more than their annual allowed.
Date of hire through completion of 2 years: 104 hour cap 3 years through completion of7 years: 144 hour cap
8 years or more: 184 hour cap
Eligible PTO days will be accrued as follows for work performed (not including paid holidays or vacation):
Date of hire through the 3rd month: 13.34 hours per month
4th month through the completion of 1years: 2.67 hours per month
1year through the completion of2 years: 5.34 hours per month
3 years through the completion of 7 years: 8.67 hours per month 8 years or more: 12 hours per month
The maximum carry over (cap) hours an employee may maintain in their balance before they stop accruing is 40 hours more than their annual allowed.
Date of hire through completion of 2 years: 104 hour cap 3 years through completion of7 years: 144 hour cap
8 years or more: 184 hour cap
If anyone knows how to calculate weekly accrual, that would be really helpful as that is how my new company has been tracking PTO.
Thank you in advance!
Tara T-
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