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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
Contractor
A contract employee (or self-employed worker) is not considered a permanent employee.
Maternity leave
A ital workplace benefit that provides expectant mothers with time off from work before and after childbirth.
MT103
An MT103 is a message type within the SWIFT system specifically designed for customer credit transfers.
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