An agreement has been reached to release the final two of the five weeks of holiday from the interim period.

This means that anyone, who has accrued holiday during the interim period (Sept. 2019 – Aug. 2020), will be able to claim the full accrual amount for prepayment. Initially, it was only possible to claim three out the total of five weeks. The deadline to request the payout was 1st December 2020.

It will possible to claim the entire remaining amount regardless of the first three weeks have been claimed. The payout will be considered to be final. It will be possible to complain the payout ruling as a result.

The information and thereby the total amount for claiming will be based on the reported information from employers, which must be completed by the end of December 2020.

Companies will still be able to keep the money as a liability towards the Holiday Fund as previously described.

The income will be taxed as ordinary income – similar to salary.

Should you have any questions or comments, feel free to reach out to us.

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