re: Is unlimited PTO actually a bad deal?

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Always worse than an allotted amount that increases with tenure.

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And they need to have an eventual expiration date. That's a soft encouragement to expunge those liabilities from the company and have the employee take time off every now and then.

Good for the company and the employee.

Unlimited PTO is really just good for the company and short term employees who might try to abuse/game the system. It's bad for everyone else.