Unlimited PTO is just as it sounds, it is unlimited paid time-off. Many companies, especially tech companies, now offer unlimited PTO. Despite what you may think at first, companies are finding that the policy is abused less than they first imagined. In fact, some employees even take less time off than they did before. Some use the time for extended vacations and other use the time to help improve work/life balance by allowing them to attend their children's school events. It forces companies to focus more on production rather than time-in-the-seat. Unlimited PTO doesn't necessarily mean unlimited, unscheduled time off nor does it mean that employees don't have to do their job.
Advantages of offering unlimited PTO:
Allows employees time to better manage their lives outside of work.
Encourages production rather than clock-watching.
Attracts talent looking for flexible benefit packages.
It allows people to better manage their health care needs.
Employees feel that their employer respects their personal needs.
It's easier for HR to track time.
Employers don't have to pay-out the remaining vacation pay.