A paid leave bank is an employee benefit program that consolidates different types of leave into a single plan. Employers who choose to implement a paid leave bank in the workplace do not distinguish between vacation time, sick leaves or personal leaves. Instead, all time off benefits are combined into one multi-purpose bank of days. This allows employees to use a set number of paid days for both scheduled and unscheduled absences, but most programs do not provide coverage for holidays, jury duty or bereavement.
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