(For context: I'm in Ontario, Canada)
I recently took a salaried job that pays $55k a year. This job accrues 4% vacation to be paid when I take vacation. I get 2 weeks of vacation.
Any other salaried job that I have had, I simply get my regular paycheque when I take vacation.
My employer also shutdowns for 2 weeks of the year, which are also unpaid weeks.
They are trying to tell me that the 4% accrual covers this. It doesn't. I'm in finance, no matter how I crunch the numbers, it does not add up to $55k.
Additionally, the 4% accrual won't be based on $55k if there are 4 weeks that I won't be receiving a paycheque – 4% of zero is zero.
To keep it simple: I'm giving up 4 weeks of pay, & that 4% accrual almost gives me 2 weeks back. So, I'm short 2 weeks of pay & my salary will come in at just under $53/k.
Apparently I am the only person in this rather large company who understands this math. Which makes me question my math.
Am I wrong in my thinking that I'm getting ripped off $2k a year here?