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Employees are given paid days off known as floating holidays with the intention of replacing a public holiday. They do not coincide with any particular day. Since these are extra paid time off days, most employees are free to utilize them as they see fit. Employees who don't observe federally recognized holidays have flexibility with floating holidays.
Floating Holidays vs PTO
Floating holidays are given all at once at the start of the actual year. PTOs can be given in one lump sum or accumulated throughout the year. PTO and floating vacations are governed by different national and state laws. In many nations, full-time employees are required to get paid time off, whereas floating holidays are not.
An HR software with leave management capabilities makes it easier to create relevant leave policies for leave types such as floating holidays and allows efficient management and tracking of the usage of the leave type in just a few clicks.