We will work out an hourly rate on the basis of 260 working days per year and a working day of 7.4 hours. We will then deduct the equivalent pay for 7.4 hours x the number of days you wish to purchase.
The cost is calculated as follows:
Annual salary ÷ 52 (weeks per year) ÷ number of hours worked per week = hourly rate.
For full time staff, a working week consists of 37 hours and a working day, 7.4 hours.
The hourly rate is then multiplied by the number of hours leave you wish to purchase. For full time staff, this may be up to 37 hours or 5 days.
As payment will be deducted over a 12 month period, the total cost will then be divided by 12.
Our additional annual leave calculator can be used to identify both the total cost and monthly payment for both full and part time colleagues.
An example calculation
An individual’s full-time salary is Grade 9, point 32 or £39,347.
3 additional leave days are purchased, totalling 22.2 hours, at a cost of £453.99.
The purchase of additional leave in this scenario would cost £36.35 per month over a 12 month period.