Most companies use the term "discretionary PTO". That means that there is no set limit on PTO. The positive take on it is that this means employees can take time off within reason so long as they're getting their work done. The negative take is that it means you have no guaranteed days you can take, and cultural or managerial pressure will prevent you from taking even a normal amount of vacation.
It also means that employees don't accrue PTO days, and therefore don't have to be paid out for that time when they're fired.
The shift from the tem "Unlimited PTO" to "Discretionary PTO" has happened because early proponents realized it wasn't really unlimited, and they didn't want workers to think that way. But the "unlimited" term is still used to sell it, and still often appears in informal recruiting conversations.
It's just so slimy.
Does this unlimited PTO still have to adhere to any legally required minimum PTO limits? If not, what prevents them from just not giving their employees any time off ever and bypassing the peer pressure part entirely?