Holiday allowance payments

• The holiday allowance period is from the 1st of May until the 30th of April each year. All employees are entitled to holiday allowance payments.
• Your holiday allowance account is an indexed deposit account with a variable interest rate set in accordance with the Bank's interest table at any given time.
• Employers can create a bank account for anyone who has the right to holiday allowance payments. These payments are then deposited into an account chosen by the recipient.
• Employees taking time off outside the usual holiday period can withdraw the allowance after consulting with their employer. Employees have the right to withdraw their holiday allowance if they cease employment with the employer in question. The employee can withdraw their allowance once they have provided a written statement from their employer to the bank.
• Holiday allowance accounts that remain empty and inactive for over 18 months are automatically closed.