My current job has unlimited paid time off. There are two catches: you can't do more than 2 weeks at a time (which is a shame when you want to go somewhere far off like Asia or Europe and hit a bunch of places). The other is, it seems whenever you take any time off there's a guilt trip of "so and so never takes any time off, you're sure taking a lot of vacation this year."
I guess the third catch is if you leave, you don't get paid out anything which I'm sure is why they have the policy in the first place.
My previous place of work, I had 7 weeks by the time I was done and it was great, particularly because they also had a policy where you HAD to use it by the end of the calendar year (no rollover) so there were never any guilt trips for taking the time you were owed.
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