### Vacation Payout Formula

For regular monthly paid employees of the University, calculate as follows:

Monthly Rate / 22 days * #days accrued

\$3,000.00 / 22 = \$136.363

\$136.363 * 15 = \$2,045.454

To calculate for Part-Time Monthly Employees, vacation is proportional to the percentage time worked in comparison to the job if it was a full-time job v:

Example: Work week = 4 hours/day

FT equivalent = 7 hours/day

Employee works 57% of FT equivalent

Employee can accrue up 24 (4 hour) days = 96 hours

Vs. 168 hours for FT employee

Full-time salary = \$20,000

Part-time (@ 57%) = \$11,400

Part-time (@ 57%) = \$11,400

Now use same formula as FT:

Annual salary / 12 = Monthly Salary

Monthly Salary / 22 = daily rate

Daily Rate * #days accrued

\$11,400 / 12 = \$950; \$950 / 22 = \$43.181

Daily Rate for this employee = \$43.181
For regular weekly paid employees of the University # of vacation days are calculated automatically by the Payroll System, calculate as follows:

Weekly Rate / 5 days = Daily Rate

Daily Rate * #days accrued = Amount Due
To calculate for Part-time Weekly Employees, the number of vacation days are calculated automatically by the Payroll System:

Weekly Rate / 5 days = Daily Rate

Daily Rate * #days accrued = Amount Due