All employees are given three weeks 'vacation'. [=they will be paid for 15 days that they do not work per year]
His parents have a beautiful 'vacation home' [=a house that someone lives in during vacations] by the lake.
She spent most of her 'long vacations' [=summer vacations] at her parents' house.
(..) Shut up! -( phones ringing ) -Monsters, Inc. Please hold. Monsters, Inc. I'll connect you. Ms Fearmonger is on vacation. Would you like her voice mail? Oh, Schmoopsie-poo. -( snakes squealing ) -Googley Bear! Happy birthday. (..)2001 Monsters, Inc.