Leaving current Job, How to calculate value of holidays left?

M

manaboutdog

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Hi All,

I'm switching jobs shortly and even though I have a considerable number of holiday entitlements, the company want me to work right up to the date of finishing. I've no problem with this.

I am on a salary and I was wondering how the value of these holiday entitlments is calculated?

Is it simply ((Annual Leave Days Remaining)/(Total number of working days in a year ~252))*Salary ?

What are the tax implications?

Rgds

M
 
Last edited:
manaboutdog said:
Hi All,

I'm switching jobs shortly and even though I have a considerable number of holiday entitlements, the company want me to work right up to the date of finishing. I've no problem with this.

I am on a salary and I was wondering how the value of these holiday entitlments is calculated?
Click to expand...
Does your contract of employment not clarify?
What are the tax implications?
Click to expand...
You mean for pay in lieu of holidays accrued but not taken? These are subject to tax and PRSI/health contribution deductions like normal salary.
 
No, there's nothing in the contract, was just wondering if there's a standard way of calculating that would apply to most situations?

OK Thanks, on the tax etc.
 
Hi manaboutdog

"I have a considerable number of holiday entitlements" - do you mean you have holidays leftover from last year? If so, how many? Also how many annual leave days do you have per year?

To calculate:
Days due in year divided by 12 (months in year) mulitplied by months worked so far this year.

Add these to any leftover days and multiply this number by your daily wage.
 
The first thing you need to know is what is the holiday year in your Company.
The official holiday year is April 1st to March 31st but many employers use Jan - Dec to co-incide with tax year.

Statutory entitlement is 20 days (but an employer can choose to increase that). If your holiday year began in April 2007 and you are leaving end of Feb you would be entitled to 18.3 days less any holidays taken since April 1st
 
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