"How much vacation time do I need to use before the end of this fiscal year?" is one of the more frequently asked questions we receive in Human Resources. To view excess vacation balance please go to MYUM and select "Employee Information". Alternatively, the worksheet below takes you through the steps to figure out how much you personally will need to use to make sure that you won't lose any vacation. All you'll need to do is complete the worksheet using your most recent pay check stub and a calculator. If you'd like us to calculate this estimate for you, submit a request to us by fax (284-2866 Gables/RSMAS or 243-2307 Medical) or by email (to hraa@miami.edu). Be sure to include your name, UM ID, phone number, and your fax number. Please allow at least a week if you'd like us to complete the form for you. Please University Policies and Procedures.
|
# |
STEP BY STEP |
EXAMPLE |
YOUR INFORMATION |
||||||||||||
|
1 |
What is the last pay period number completed? |
2R19 |
|
||||||||||||
|
2 |
Subtract the last pay period number from 26. This gives you the number of pay periods remaining in the fiscal year. |
26 -19 7 |
|
||||||||||||
|
3 |
How many hours do you work in an average pay period? |
75 |
|
||||||||||||
|
4 |
Multiply the number of pay periods remaining by your average hours per pay period (line 2 x 3). This gives you the number of work hours remaining in the fiscal year. |
75 x7 525 |
|
||||||||||||
|
5 |
Determine the accrual rate at which you accrue vacation which is based on the number of years you have worked for the University.
|
.03847 |
|
||||||||||||
|
6 |
Multiply the number of hours remaining in the fiscal year by your accrual rate (line 4 x 5). This gives you the amount of vacation hours you will earn by the end of the fiscal year. |
.03847 x 525 20.20 |
|
||||||||||||
|
7 |
How many hours do you have of accrued vacation? This information is on your most recent pay check stub. |
60.20 |
|
||||||||||||
|
8 |
Add together the number of hours you have to the number of hours you will accrue (line 6 + 7). This is an estimate of the number of hours you will have in your vacation balance at the end of the fiscal year. |
20.20 + 60.20 80.40 |
|
||||||||||||
|
9 |
How many hours of vacation do you get a year? Multiply the number of weeks you get a year (refer to chart in line 5) by the number of hours your work in a week (line 3). |
2 weeks x37.5 75 |
|
||||||||||||
|
10 |
If line 8 (the number of hours you should have at May 31) is greater than line 9 (the number of hours you earn a year), subtract the number of hours you will have from the number of hours you get a year (line 8 - 9).THIS IS THE AMOUNT OF VACATION THAT SHOULD BE USED BEFORE THE END OF THE FISCAL YEAR (MAY 31). |
80.40 -75.00 5.40 |
|
