Paid time off. Workplace shorthand for vacation, sick or personal days that an employee is paid for. Often used as a verb in casual office speech ("I'm PTO-ing Friday"). The term is dominant in US corporate culture; UK and European workers more often say "annual leave" or "holiday".
taking PTO the week before Christmas, please don't schedule anything in that window
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(chiefly, UK, Australia) A period of one or more days taken off work for leisure and often travel; often plural.