Holiday Pay - How is it calculated?

The calculation of Holiday Pay is complex and involves two main factors.

1. The number of days accrued

Holiday Pay entitlement is awarded on a daily basis. If you work for a whole year you will be entitled to between 20 - 25 days holiday per year, plus 8 Bank Holidays.

Select your holiday entitlement here:
You have days holiday in total, standard days plus 8 Bank Holidays. (Thats weeks)
There are 260 available days to work in a year, therefore if days are taken as holiday, only days are actually worked.
Your 'Holiday Year' begins on the day you begin working for us and the number of days you accrue are therefore calculated as:

Number of days since start of Holiday Year
365
x

The number of days accrue even when you have time off, they only stop accruing when you finish working for Polytec and we issue your P45.

2. Actual amount of holiday pay accrued (in pounds)

For every Standard rate hour that you are paid, Polytec pay an amount into your Holiday Fund. This is your money and will be used to pay your holiday pay. The amount we pay into your holiday fund is determined by the available working days in the year, as detailed in point 1. above:

= or % of your hourly rate, per hour.

When you request Holiday Pay - the amount you actually get will depend on how much is in your Holiday Fund and how many days you have accrued, therefore to work out your daily Holiday Pay rate:

Amount of money in your Holiday Fund
No of days accrued - No. of days taken
=  Daily Holiday Pay Rate
 

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