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Virgin founder Sir Richard Branson has announced a stunning staff perk - as much as holiday as they like.

The tycoon said he was ditching current limits on how much time off employees can take, and giving them the freedom to decide.

Announcing the move on his online blog, he said: “It is left to the employee alone to decide if and when he or she feels like taking a few hours, a day, a week or a month off.

“The assumption being that they are only going to do it when they feel a hundred per cent comfortable that they and their team are up to date on every project and that their absence will not in any way damage the business, or for that matter, their careers."

However, there is a catch as the “no policy” for holidays only applies to 170 staff at Virgin’s parent company offices in the UK and US, for now at least.

Sir Richard stressed: “Assuming it goes as well as expected, we will encourage all our subsidiaries to follow suit, which will be incredibly exciting to watch.”

However, thousands of workers in Virgin part-owned companies may face a much longer wait to benefit, if at all.

Financial giant Virgin Money said it had no plans to change its holiday rules for staff.

(Image: PA)

A spokesman for the firm, which bought part of taxpayer-saved bank Northern Rock in 2011, said: “It was Richard expressing his own view rather than a view of Virgin Money.”

Virgin Trains, in which Virgin owns a 51% stake, appeared to be unaware of Sir Richard’s comments, with a spokesman saying he had not seen them.

Meanwhile Virgin Media and Virgin Atlantic were initially unable for comment.

Virgin later clarified: “We have shared this policy with other Virgin companies and each will decide on holiday policies that suit their operations and type of business best.”

Billionaire Sir Richard, who spends part of his time on his Caribbean island of Necker , said he was inspired by an email from daughter Holly about the working practices at video streaming website Netflix.

It read: “Dad, check this out. It’s something I have been talking about for a while and I believe it would be a very Virgin thing to do to not track people’s holidays.’”

(Image: PA)

She went on: “I have a friend whose company has done the same thing and they’ve apparently experienced a marked upward spike in everything – morale, creativity and productivity have all gone through the roof.”

Sir Richard wrote: “If working nine to five no longer applies, why should strict annual leave policies?”

He said Virgin had launched the anytime holiday idea in the UK and US “where vacation policies are particularly draconian.”

Edwin Morgan, from business group the Institute of Directors, said: “Companies have holiday policies in place because they think it makes it fair for all staff, and this sort of change would be hard for small businesses.

“But it is up to the individual company and Sir Richard is certainly a very impressive business figure, so it is an interesting idea.”

Dr Jill Miller, research adviser at human resources trade body the CIPD, said the no limit on holiday rule was already working for other firms.

She said: “People tend to take less holiday in these companies than those in companies with limits.

“It does require a responsible way of working and a different culture it can pay dividends.”

poll loading Will it work? 0+ VOTES SO FAR Yes, most people are conscientious and it'll highlight the lazy ones No, people will either take advantage or feel under too much pressure not to take time off