odsustvo

1. absence
   U mom odsustvu kolega će voditi projekat. — In my absence, a colleague will run the project.
   Niko nije primetio njegovo odsustvo. — Nobody noticed his absence.
2. lack; absence
   Pušten je zbog odsustva dokaza. — He was released due to lack of evidence.
3. (from work) leave
   Supruga je na porodiljskom odsustvu. — My wife is on maternity leave.
   Uzeo sam dva dana plaćenog odsustva. — I took two days of paid leave.

Annual vacation is usually godišnji odmor; odsustvo is special leave (maternity, paid, unpaid).