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There are a lot of variables that make almost any answer to this question shaky. Under certain circumstances, it can be rescinded--as long as it is not already "earned" by the individual--which, at least in the U.S.--is then treated like earned wages and cannot be "lost".

Typically a company states its time off policy in the company's guidelines, employee handbook, contract or other formal document. It should be explicitly defined to tell you the parameters on how time is earned or provided and what needs to be done by an individual to utilize that time. also depends on whether it is "earned" by the individual, or provided by the company.

And, I'm willing to bet there are also provisions in the document that gives the company plenty of control over the use or time off--you may have earned it, you have been approved to use it at a specified time, but it is almost always comes with the caveat that the needs of the company come first. The company could be subject to some unanticipated event that forces them to cancel previously approved time off.

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Q: Recinding Sick Leave and Personal Days?
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