Changes in store for ETO cash-out
In 2021, Asante temporarily lifted the cap on how much earned time off full- and part-time employees could save up annually. That arrangement expired on Sept. 10, but in 2023, employees will benefit in a different way with new ETO cash-out rules.
Beginning on Jan. 1, full- and part-time employees (referred to as “regular-status” employees) can convert their ETO hours to cash four times a year instead of the previous two times a year and cash out larger amounts. This enhanced policy was based on feedback from a recent survey of 500 employees conducted by Asante’s Employee Retention Committee.
Employees must make this election during open enrollment, which takes place Nov. 1–15.
Under the updated policy, regular-status employees budgeted at 72 hours or more per pay period may elect to convert up to 75 hours in pay periods 7, 13, 19 or 24 for a total of 300 hours. This is up from the previous annual allotment of 60 hours twice-yearly, or 120 hours.
Likewise, employees budgeted at 40 to 71 hours per pay period can convert up to 40 hours of ETO in the pay periods cited above, or a total of 160 hours. This is increased from 30 hours twice-yearly or 60 hours total.
For both full- and part-time employees, the cash-outs can’t exceed the employee’s annual maximum accrual.
The revised policy is part of Asante’s sweeping systemwide effort to retain valued employees.
If you have a question, please contact the author or relevant department directly.