My situation is a little different: I work for a small software company (I’ve been here 4 years), and everyone gets one big pool of leave. It’s not separated into vacation, sick time, and holidays, it’s just “paid time off.” So, for example, I took Thursday and Friday off for Thanksgiving and used 16 hours of leave, and I’ll use some leave to take a day or two off around Christmas, too. The concept took some getting used to, but I really like it: no one has to work on a holiday they don’t want to or be forced to stay home if they’d rather work, we don’t have to lie about being sick when we run out of vacation time, etc.
We get paid 24 times a year, and for the first 2 years you earn 8 hours of leave per pay period plus an extra 8 hours on the anniversary of your start date. So that’s 25 days off per year, which is comparable to (if not better than) most companies who have traditional vacation/sick/holiday pools. The max allowed to accrue is 200 hours, and the company will buy back up to 40 hours of leave over that amount.
At the 3-year-mark you start earning 9.67 hours per pay period (still with the extra 8 hours on your anniversary), for a total of 30 days per year. The extra 1.67 hours twice a month doesn’t sound like much, but it makes such a difference! It really adds up quickly. The accrual max goes up to 240, and the company will buy back up to 80 hours over that amount.
The next bump is the last one, and comes at the 6-year-mark: 11.33 hours per pay period, for a total of 35 days per year. The accrual max doesn’t increase, but the company will now buy back up to 120 hours over the max.
In general, approval is not required in advance of using leave. If you have less than 20 hours you’re supposed to run it past your supervisor, but basically you take whatever you want whenever you want. You can even ask for permission to go “in the hole” (it’s usually granted).
One of the things I really like about my company is the benefits package, which includes the leave policy.