Mandatory leave is common in the financial sector, where it is used as an anti-fraud device. Keeping your employer from figuring out the scheme you're pulling is a lot harder when you have to have someone cover for you for two weeks.
The rest of the days might be lost, transferred into next year’s vacation with a cutoff (like until end of Q1 next year or end of the year otherwise they are lost), or with no cutoff and they stack up forever.
If the PTO is not taken, the company can be fined by the state, so this is taken rather seriously.
And if you delay two weeks to next year that means 5 mandatory weeks that year.
And: it is not just in theory. It is the law and both parts can get in trouble if you don't follow it.
It also forces people to communicate details somewhat.
Although around Old Street the buses don’t really go above walking speed.
For others reading, here is what I found:
> at a minimum, covers those officers and employees involved or engaged in transactional business or having the ability to change the official records of the institution
https://www.dfs.ny.gov/legal/industry/il960822.htm
> The New York State Banking Department considers it to be a prudent business practice for every bank, and branch or agency of a foreign banking corporation, to promulgate and maintain a written vacation policy which, at a minimum, covers those officers and employees involved or engaged in transactional business or having the ability to change the official records of the institution. This policy should also cover all other staffers who are capable of influencing or causing such activities to occur. The Department strongly recommends that all traders be covered by the policy.
> Employees in such sensitive positions should be required to take at least two (2) consecutive weeks of vacation (or other leave) on an annual basis. During such time, the officer or employee must be off-site and off-line. In other words, not only should he/she be physically absent from your premises, but he/she should also not be permitted to effect any transactions or other banking business from off-site, such as through an off-site computer link.
https://www.dfs.ny.gov/legal/industry/il960822.htm
archived at: https://outline.com/Y3dcgF https://archive.md/LJvbH