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PTO
PTO is a benefit that allows employees to take time away from work while still receiving their regular pay.
PTO stands for ‘Paid Time Off’ and references paid time that an employer is required to provide to employees. Each country has different paid time off minimums, and companies are required to comply. Employers may opt to provide the minimum requirement as per local law, or they may offer above what is required. Companies will have a PTO policy that outlines how PTO is administered: how it’s accumulated, how it is to be used, and how it is applied for and approved.
Related Glossaries
IBAN
IBAN is an acronym for International Bank Account Number.
Tax collection
Tax collection refers to the process by which governments collect taxes from individuals and businesses to fund public services and infrastructure.
Off-boarding
Off-boarding is the process that leads to the formal separation between an employee and a company.
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