I disagree with you Patty. I currently work as a professional for a large fortune 500 company in Texas, and have been with them the past 20 years. PTO is not a gift. It is a clearly specified part of the benefits package. Whenever someone leaves they are paid for any unused portion.
I agree it is a benefit that is at the discretion of the company to grant in whatever form they choose, if at all. But this benefit is a holy grail most large company's are not willing to even consider eliminating at this point. While it is a gift in the sense they are not legally required to give it, it is not a gift when it is a clearly articulated part of a benefit package. In my company, and in most larger corporations, this is a clearly specified benefit. While they can always amend the policies going forward, they cannot take it back after it has been given.
However, a trend that is occuring more aggressively these days is a use it or lose it policy, which avoids a large accrual and large payout at the end of employment. There is also a max. Once the max is reached no new PTO can be accrued. The days of saving up a years vacation by retirement are for the most part long gone. My company is mandating everyone be at zero PTO by the end of this year. Which means some folks are taking long vacations this year. However, they made no changes to the PTO in that it will continue to be earned as always.
While you are correct that TIME is accrued on PTO rather than VALUE, the PTO paid out at the termination of employment is a function of its VALUE at the time it is paid out.