PURCHASED LEAVE POLICY

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Purchasing leave enables an employee reduce their annual salary in exchange for additional periods of leave.

Purchased Leave Options

Up to Four Weeks’ Purchased Leave (48/52)

This option allows for up to four weeks’ additional leave per year, to be taken at a mutually convenient time to the University and the employee.

Agreements will be for 12 months. Salary is reduced to an appropriate fraction to pay for the additional leave e.g. 48/52 of annual salary for 4 weeks additional leave or 49/52 for 3 weeks additional leave.

All purchased leave in the 48/52 option must be taken in the year it is due. At the time of application, Employees will need to advise the actual dates intended to be taken as purchased leave. In the event that the employee cannot take the absence due to operational requirements, the employee will be reimbursed for the untaken purchased leave in a lump sum.

Purchased leave must be booked in weeks with a minimum of one week blocks.

Twelve Months’ Purchased Leave (4/5)

This option allows for twelve months’ leave after the completion of four years’ work. Agreements will be for 5 years. Salary is reduced to 80% for 5 years to pay for the year of leave. All purchased leave in the 4/5 option must be taken in the fifth year of the scheme.

Purchased leave is entirely voluntary and it is up to the employee to generate an expression of interest. Purchased leave is not an entitlement or a right. Each case shall be examined based on its assessed impact on the operational needs of the Division/Office and the University. The University reserves the right to refuse a request for purchased leave at any time.

An employee who purchases leave will be expected to use all accrued leave plus the purchased leave within the period covered by the purchased leave agreement.

The employee is responsible for investigating the impact on their superannuation, leave entitlements and taxation prior to committing to any arrangement made under this Scheme.

Superannuation

If an employee wants their superannuation contributions to be maintained at their full salary level, they must pay both their own additional contributions and the necessary additional employer contributions.

Withdrawal from the Purchased Leave Scheme

Agreements, once entered into, cannot be altered within each twelve-month period other than under exceptional circumstances, and by agreement between the individual and the University. The Director of Human Resources shall make decisions concerning withdrawal from the scheme due to exceptional circumstances.

Withdrawal from the scheme will result in deferred salary being paid to the employee in a lump sum payment.

Advice

It is recommended that employees seek independent financial advice prior to requesting approval to commence a Purchased Leave Scheme, or in the event that they seek early withdrawal from a purchased leave arrangement.