Extra holiday may appeal for all sorts of reasons – the chance to spend more time with your family, for that special trip or event, or time to complete some special project of your own. Alternatively, if you wish to use less leave, this gives you the opportunity to exchange some of it for extra salary.
All employees receive paid annual leave according to their contract of employment. Part timers who work less than 5 days a week receive their leave on a pro-rata basis.
Provided you do not go below the legal minimum of 20 days annual leave each year (pro-rata for part timers), this scheme allows you some flexibility to alter your entitlement by:
buying some extra leave days
selling some leave days
banking some days to use in the following 2 years
You can alter your entitlement by:
the maximum number of days you can buy is 10
the maximum number of days you can sell is 5
the maximum number of days you can bank is 10
For a full-time (5 days per week) employee, one day is priced at 1/260th (0.385%) of your annual salary.
For full details of what it may cost, please see the employees guide to buying and selling annual leave.
Payment through salary sacrifice
Any deductions or additions to your salary are made monthly. Deductions are made by way of salary sacrifice. This may affect future levels of maternity, sickness and redundancy benefit.
You are not able to opt out of buying or selling leave mid-way through the year once you have signed the salary sacrifice agreement on the form.
Opt in by 31 January for the beginning of each leave year (1 April).
New starters who join after 31 January have the option to elect for a pro-rata amount. They should check eligibility in the employee’s guide to buying and selling leave.
You must complete a new application form to opt in each year.
You will need to have a contract of employment covering the financial year to apply.
Certain groups of staff are not eligible to buy or sell annual leave. This includes schools based and term time only staff, Directors and Assistant Directors.
How to apply
To buy and sell annual leave, fill in the online form.