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How monetary compensation is calculated for an unused vacation

In many accounting journals, designed for professionals, there is a lot of information about how compensation is calculated for unused vacation. At the same time, with the dismissal of employees, as in many other cases, a lot of related issues arise. In this article we will try to explain in as much detail as possible how payments for the unused annual rest period are calculated, how to calculate taxes and other deductions.

The first step is to clearly understand that workers claiming compensation for unused vacation days fall into two categories. Firstly, these are dismissed employees, and, secondly, employees who continue to perform their duties without care in the planned annual leave.

So, a vacation is a period of time during which a person who has worked more than eleven months, rest. In the case when an employee does not use his legal rest or is dismissed, he must receive monetary compensation.

The legislative acts stipulate that the annual planned leave can not be replaced by monetary compensation for workers, workers in hazardous industries, pregnant women, as well as persons under the age of eighteen.

With the dismissal of an employee holding a managerial position or working in the field of providing educational services, for example, teachers, educators and the like, a person can expect to compensate for unused leave after only ten months worked.

The employee is transferred to another company? In this case, at his request, compensation for unused vacation can be transferred to the account of the new organization. Moreover, it is possible to receive payments only for part of the vacation, and the rest of the estimated rest time is used for the intended purpose. At the same time, the law specifies that the second part can not be less than two weeks.

At many enterprises there is a so-called collective agreement, in which there can be specified any additional points for which compensation is provided for unused vacation, but the prescribed conditions should not reduce the amount of money prescribed in the legislation.

Compensation for unused vacation is calculated as follows: the number of worked months is multiplied by 2.33, that is, by the number of days of vacation earned for 1 month. The received number is multiplied by the amount earned by the person in one working day. As a result of such calculations, material compensation is obtained.

It causes some questions and compensation for unused vacation contributions for which must be deducted to the pension and other funds. Since payments for unused rest are considered to be an employee's income, they are taxed on general grounds, that is, all taxes on personal income must be calculated and deducted . Since payments for unused vacation with the dismissal of an employee are made on his last working day, then taxes are transferred simultaneously with the accrual of monetary compensation.

In the event that the employee is dismissed because of violations of labor discipline, for example, coming to work in a state of intoxication, systematic delays and the like, then such an employee does not have the right to receive annual leave. Note that this does not mean that he does not have the right to rely on material compensation, which must be assessed and paid on time.

As you can see, there are a lot of nuances, each of which must be taken into account when calculating compensation for unused annual leave.

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