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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
W9
W9 is a tax form used in the United States by businesses to request the taxpayer identification number (TIN) of individuals or entities they pay.
BIC
BIC stands for Bank Identifier Code.
13th month
A thirteenth salary, or year end bonus.
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