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> it means you don’t accrue or worry about a balance

The flip side of this, is that you don't have a visible balance, so you have to calibrate what is an "acceptable" number of vacation days against what your coworkers take, and in competitive environments, that necessarily tends towards zero.

Plus, when you leave/are fired, the company doesn't have to payout a vacation balance, so they laugh all the way to the bank



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