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My company has this and just about everyone I work with utilizes the unlimited time off. Most people land in the 5-6 weeks of vacation a year + sick + personal business + holidays.
There are the few who make work their hobby too, but you can't do anything for those people IMO
What is the difference to vacation and personal days?
Attending funerals, births etc aren't really holidays
Exactly, we get days off for this on top
Oh, we have bereavement and paternity/maternity leave.
I don't know about that. Depends on who died...
Depends on where you live, the two European countries that I've lived and worked in my employers would allow additional leave for funerals of aunts, uncles, cousins and some even allowed for the death of a pet.
A lot of the time the difference is in how much notice you need to give work before taking the time off.
Sometimes they are treated different for expirations as well. For example, accrued vacation time usually has to be paid if you leave, might have some or all rollover to the be next year, while other types of time off are more likely use it or lose it
Personal business is for things that need to be done touring business hours but aren't vacation. Things like doctors appointments, meeting a service person to fix something at your home, or some delivery that requires you be home. Those kind of things