Work and Life Balance
VACATION: During an employee’s 1st to 5th years, they generally receive ten vacation days per year. As with sick days, during the first year, the number of days allocated are prorated. Beginning with the 6th year and each year thereafter, the entitlement increases by one day per year until the 15th year when it reaches 20 days per year. Although vacation days do not accrue like sick days, employees may carry over up to five vacation days per year to the following year. Employees are required to take at least five consecutive days at some point during a full year of employment. There are circumstances when officers are hired with extensive work experience and are provided an entitlement of paid vacation at a level commensurate with their position determined by their department head.
HOLIDAYS: The bank may recognize up to ten national holidays should they fall during the working week. The holiday schedule will follow the closing of the Federal Reserve Bank of Richmond.
PERSONAL DAYS: Each employee is entitled to personal days based on the following allocation: 1 - 3 years of employment - 1 personal day; 4 - 6 years - 2 days; and 7+ years - 3 days.
SICK DAYS: Each employee is allocated ten sick days per year. During the first year of employment the number of days allocated are prorated based on when an employee joins the Bank. For example, if an employee joins in July, they would be entitled to five sick days, since they joined midway through the year. Days not used by year-end are accrued up to a maximum of 90 days. Sick days may be used by the employee’s own illness or to care for an immediate family member, if they are residents of the employee’s household.
SHORT-TERM DISABILITY: Short term disability benefits will become effective when an employee has used up all available sick and personal days, except for ten total days, and is out with an illness in duration of four days or longer, and up to 89 days. The disability must be certified by a physician and this benefit provides replacement of 75% of an employee’s current gross salary. The Bank pays 100% of the cost for this coverage.
LONG-TERM DISABILITY: This supplemental insurance program provides 60% of an employee’s monthly gross income during a long-term disability period. The Bank pays 100% of the premium cost for this coverage. This benefit becomes active after a period of lost time that is equal to or greater than 90 days.