With terminology varying from company to company, it’s very important to establish what paid time off is and isn’t.Remember that PTO is an all-encompassing policy. Separate policies like...Sick leave, Personal days; and Vacation plans … are part of a traditional paid time off policy. Separate policies do not fall in line with the modern PTO model that companies are gravitating toward today.A great way to think about PTO is this: Vacation leave is paid time off, but not all paid time off is vacation leave.