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Holiday pay

What is holiday pay?

Holiday pay is cash payment that an employee receives for his/her annual paid vacation and for holidays if they fall within the work schedule. These payments allow the employee to maintain the usual level of income even during vacation.

The amount of vacation pay is calculated differently depending on the country's legislation. In some countries it is determined on the basis of the average salary for a certain period (for example, 12 months in Russia), while in others it is fixed at the level of a specified salary or calculated according to a special formula.

Holiday pay is also included in vacation pay if these days fall during the vacation period. This allows employees not to lose part of their income even if the vacation coincides with holidays.

Timely payment of vacation pay is important to maintain employee loyalty and trust. Employers are obliged to pay this amount at least three days before the start of vacation so that the employee can plan his/her expenses.

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