Long Service Leave - Cashing out! :)
- Thread starter Alex P Keaton
- Start date
Has someone already told you that you can cash in your LSL? I didn't think it was something that you could do.
We can compact leave (ie take half on double pay) to cut out our leave, and also take it on half pay for twice as long.
Plus, if we want to, work for 4 years on 80% pay then take the whole 5th year off on the same 80% pay.
We can also purchase leave up to an extra 3 weeks leave per year. ie take a pay cut equivalent to 3 weeks spread out of 52 pay weeks, then take an additional 3 weeks onto our normal 6 week annual leave, making it 9 weeks off.
Rick.....What are you talking about?
You can do that, and more when you're LOE
Regards
Marty
Are you a teacher? We have that in NSW (except the last bit). I always take half pay so I have some LSL in case I get the urge to travel around the world for a few months.
I don't think we have a mimimum length of time that can be taken.
The thing I hate though, is that it's worked on 7 days. I'm actually going in on Monday for half a day and flying out in the afternoon. If I took the Monday off it would cost me 3 days LSL (Saturday, Sunday and Monday).
13 weeks LSL for every 7 years of service for me.
I've only ever taken 9 weeks LSL over my 21 years of career/service (March 2010), so have 7 months worth of LSL accumulated.
Minx what dept are you & your mother in?? Im DCS.
I plan to get it paid (tax free due to our tax status) out to me when I exit the rat race,. The plan is to use it to take the family on a round the world holiday/trip as our reward for getting to the final harvesting stage of our portfolio.
Will take the kids out of primary school for a couple months. Im sure they will learn more than sitting in a classroom for that length of time.
Hi Rixter, we work for the Department of Human Services. Like you said in another post, I also have the opportunity to take paid leave. My colleague does this, so she works 9 day fortnights, and she claims that her payslip hasn't dipped that much as a result.
Perhaps in a couple of years when our company (partner and I) does reasonably well, I will take advantage of that, as I can spend that one day running around and doing paperwork for the business.
No... Officer with DCS.
I have about 25 yrs of LSL up my sleeve. It's now at the point where it's a good backup in case of hard times/injury etc. As a self employed, i would not take 3 mnths off at my age (43) anyway. It may well sit there until after i retire.
Beware, i think with LSL payments you will have to pay tax on the entire amount. Any accountants here can confirm this?
Beware, i think with LSL payments you will have to pay tax on the entire amount. Any accountants here can confirm this?
Well im having 2nd thoughts. I'm tempted to take the cash, but I can also see the value of being able to take more time off. We can have 1 day a week off if we please. There are no rules.
I like having my day off in the middle of the week, so I could have lsl day one week then the following week an rdo.
But then on the other hand this cash would really help!
I guess I'll make my decision when it gets closer to December 2010. I'll see how much i have saved already see a mb and see what im capable of borrowing and then decide.
I like having my day off in the middle of the week, so I could have lsl day one week then the following week an rdo.
But then on the other hand this cash would really help!
I guess I'll make my decision when it gets closer to December 2010. I'll see how much i have saved already see a mb and see what im capable of borrowing and then decide.
I must be in the wrong job. I hear a lot of people talking about cashing in there LSL. Having four day weeks and many seem to get huge redundancy payouts after short periods of employment. I have 6 months LSL. 6 months annuall. I asked if i could get paid out. They said NO. I asked if i could take a few months off. They said NO. Things would struggle without me. I asked for one day a week for a while. they said they cant do that either. Im screwed either way. I have to wait till i leave or if the company fails its a total loss.On a warm and fuzzy note. They say its because the company cannot operate without me. I guess thats good during rising unemployment . geez i need a break
OK.
OK.
OK.
Mate - you sound about as much in control of your life as I was 2 weeks ago.
My only suggestion is - the next question you ever ask them, make damn sure the answer doesn't matter either way.
I suspect there are millions of workers like yourself in the same lack of control situation all over the country.
slightly different but still on topic of leave - can you be forced to take leave?
I have over six weeks of leave owing, plus over four weeks of time off in lieu. Our company is looking at bringing in a policy to ensure people keep their annual leave balance at eight weeks or less. I have no intention of taking annual leave at any time in the forseeable future - I just use Time off in lieu as it's not guarenteed to be paid out at time of termination under company procedures. I've also had leave cancelled (after being granted - a couple of days before being due to go) in the past. I know I'm going to leave later this year (but will be around 9 weeks annual leave at that stage), and want my AL as insurance money for changing jobs.
I have over six weeks of leave owing, plus over four weeks of time off in lieu. Our company is looking at bringing in a policy to ensure people keep their annual leave balance at eight weeks or less. I have no intention of taking annual leave at any time in the forseeable future - I just use Time off in lieu as it's not guarenteed to be paid out at time of termination under company procedures. I've also had leave cancelled (after being granted - a couple of days before being due to go) in the past. I know I'm going to leave later this year (but will be around 9 weeks annual leave at that stage), and want my AL as insurance money for changing jobs.
Yes. My company has a 2 month policy. Anything above this is lost. But as my previose post shows. I am far above this but i cant take the leave. Its the result of the skills shortage in my area of work. They treat me well. they just cant replace me during leave. And yes the pay is worth it. Many people have the luxury of leaving there work for long periods and when they return all is as they left it. I leave for a week. I get calls all day. normally get called in a few times and work is behind when i get back. Not a whing as i love my job and many work harder. just stating how many workers are in a different work enviroment each day.
Ta Devo. I'm currently in a similar situation - if I take leave I come back to a big mess (I've learnt that if I get leave to block calls from work or colleagues mobiles), and the company may face legal action from various regulators. Finally got a new assistant who is brilliant, but he'll still need at least six months to be properly trained up.
Not sure what you are getting at. If you mean no control of my life well thats why i am investing. And my job helps me finance this. Other measures that help control my life in the advent of lost income. I have 12 months leave entitlements. 12 months sick leave,Income insurance,large savings,unused loc.relatively low property cash commitment each week.Assets i can sell outside of property.flexible job. Non of these are certain for every possible risk out there but they give me some choices until when/if property frees me from the 9 to 5 rat race. So yes i work for the man like so many of us. Buts it is to reach an end goal. And i am having a ball along the way.
3 months is worth $12 K gross. But they tax you at 46% So i would only get 6 K
Sux
Sux
I banked up my leave (including some Annual leave) for the same reason and took longer for maternity leave.
And up until recently I was taking 3 mths off per year (in separate monthly blocks) by using AL LSL at half pay and forgoing public holiday penalties in lieu of extra days off.
At this stage I'm still owed 3 mths LSL 4.5 weeks Days in Lieu and 6 weeks AL
.Even though we could actually afford for either of us to have an extended period off without pay we would still have to do some rearranging of our finances.
No biggy but it's far nicer to know you can have the extra time off without stress.
Personally if I was close to child bearing age and wanted children I'd hold on to them.
3 months is worth $12 K gross. But they tax you at 46% So i would only get 6 K
Sux
Ouch be better off going on holiday then!
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