- The holiday entitlement remaining after the investment must at least be equal to the average hours in four weeks. For a fulltime employee this is 160 hours per year. Remaining leave of previous years can also be invested.
- The maximum amount of holiday hours to invest is 120 hours per year (for parttimers this is in proportion to the scope of their employment).
- The minimum amount of holiday hours to invest is 16 hours per year (for parttimers this is in proportion to the scope of their employment).
An employee has a 50 percent parttime contract. The number of holiday hours to be invested must be at least 8 but cannot exceed 60 holiday hours (the minimum and maximum respectively for this parttimer can be calculated as follows 16 x 50 percent = 8 hours and 120 x 50 percent = 60 hours).
The AVOM option can be used once per year. The resource can only be made for two or three years in case of investing holiday hours for the bicycle or the reduction of the employee's contribution towards study costs.
The holiday hours resource cannot be used for the object of commuting allowance or the object union-contribution & membership. The employee that demonstrably makes use of regular childcare can have 16 extra holiday hours paid out.
The value of a holiday hour
Salary together with fixed allowances (remuneration), applying to the fulltime employee in the month wherein the AVOM object comes into effect, serves as a basis for the determination of the value of a holiday hour. Holiday allowance and end-of-year bonus are added to this. To come at the hour value the result should be divided by 165 (this is the fulltime amount of hours per month, 38 x 13 : 3 = 165).
N.B.: The hour value is not adapted in the course of the agreement.
A participant of parental leave works three days per week (60 percent). His salary is € 1,400 with a performance bonus of 6 percent (€ 84.00) during several years. Including holiday allowance and end-of-year bonus this amounts to € 1,484 x 1,1633 = € 1,726.34 in total. One holiday hour has the value of € 1,726.34 : 165 = € 10.46. The employee can invest a maximum of 120 x 60 percent = 72 holiday hours per year. The employee can fund a bicycle costing € 750.00 entirely with holiday hours as he will need a total of 72 holiday hours for this (€ 750.00 : € 10.46 = 72 hours).
The costs of objects should always be in balance with the proceeds of the resources. Holiday hours can only be applied per entire hour. The proceeds of an entire amount of holiday hours will not always be equal to the costs of the chosen objects. If the invested hours are not sufficient, the difference will be offset by means of reduction of salary. The payroll shall offset differences less than € 50.00 automatically by means of an extra reduction of salary in the first month after the application has been processed. Should the invested hours exceed the expenses of the purposes than this difference will be net paid out with the next salary (after the statutory deductions have been subtracted).
The employee from the previous example falls under the 42 percent tax rate and receives therefore € 6.07 (net) per hour of the € 10.46 (gross).