We used to offer it to employees with long service. We felt it would benefit people so they didn't just count days - if they needed time off they took it. (And they could take it without "asking" or needing "approval".)

In practice it had negative side effects. Folk ended up taking less, not more, time off. Plus they lost accrued-leave payouts (for leave not taken).

Since it was not achieving the goals it was supposed to achieve, and since it didn't benefit employees, we killed it and went back to the regular approach.