1. vacation policy:
a company's rules for when and how long employees can take vacation
- What is your company's vacation policy?
- Our company's vacation policy is great. We get 4 weeks of vacation every year and we can choose when we take our vacation.
2. paid vacation:
time off from work in which one still gets paid from one's company
- Do you get paid vacation at your job?
- I get 2 weeks of vacation every year, but it is not paid vacation.
3. to take (time) off:
to not go to work; to take a break from work
- She took 3 days off from work because she was sick.
- I will take 3 months off of work and travel around Europe.