This is an interesting way to spin an unpaid furlough... which many people are being forced to take right now.

It's basically equivalent. "You are going to be furloughed for 2 weeks without pay" means, "You have an additional 2 weeks of vacation, but we're going to cut your annual salary by 1/26th."

Which is the same thing as, "Give us back 1/26th of your annual salary, and we'll give you 2 additional weeks of PTO."