Having time off from your real job but being so busy that you end up working harder than you do at work.
"Dude, you have like a week off!"

"Yeah what a FAKATION. I've got more to do now; I'd rather be at work."
ayon kay EmmaSez ika-22 ng Disyembre, 2008
A company-mandated unpaid vacation, becoming more and more common as the economy sours.
"Dude, why aren't you working today?"

"I'm on fakation. I can't afford to go anywhere, 'cuz it's unpaid."
ayon kay jc2 ika-12 ng Abril, 2009
To fake sick in order to have a "vacation" day.
My vacation days are all for Christmas through New Year, so I took a couple of fakation days in the summer.
ayon kay Jack Hoffa, CIA void work ika-17 ng Hunyo, 2009
A vacation that is lacking, either because it is too short or the location is too ordinary.
In comparison to my two-month backpacking adventure in Central America, the 3 night stay in Vegas was a fakation.
ayon kay Carly O'Rourke ika-10 ng Marso, 2008

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