Looking to extend your annual leave without compromising job security? The Purchased Leave arrangement offered by the Victorian Public Service could be just what you need. Here’s a breakdown of this valuable employee benefit and how it works.
How does Purchased Leave work?
Purchased Leave allows employees to “buy” additional leave by spreading a salary reduction over the year. It’s an excellent tool for those needing extra time for personal commitments or extended breaks.
The Benefits of Purchased Leave
Flexibility: Enables better planning for long-term commitments or family needs.
Financial Management: The cost of extra leave is spread over the year, making it manageable.
Retention of Other Benefits: Ensures entitlements like superannuation and annual leave accruals remain unaffected.
Key Considerations when applying for Purchased Leave
Eligibility: Check your employer’s eligibility criteria policy.
Tax Implications: A reduced salary may impact tax liabilities; consult a financial advisor.
Impact on Finances: Carefully assess your budget before committing.
How to Apply for Purchased Leave
Applying for Purchased Leave typically involves submitting a request through HR, detailing the leave period and financial arrangement. Always review your organisation’s guidelines before proceeding.
Roger’s Final Thoughts
Purchased Leave offers employees the flexibility to achieve better work-life balance while spreading the financial impact over time. It’s a practical option for those needing additional leave for family, personal growth, or extended breaks without compromising job security. However, it’s essential to evaluate how the arrangement fits into your broader financial and career plans. Consulting with HR ensures you understand the terms, while seeking advice from financial experts helps you assess tax implications and budgetary impacts, ensuring the decision aligns with your personal and professional goals. Contact us today for more information on purchased leave.
