Wow :)
You take a decimal value, convert it to a string, then parse it again to a decimal to round it, and convert it back to string.
You could try :
lblTotalHolidayEntitled.Text = objLeave.HolidayTotalThisYear.ToString("# ##0.00");
or
lblTotalHolidayEntitled.Text = Math.Round(objLeave.HolidayTotalThisYear, 2).ToString();
This is much simpler and should do what you need.
EDIT after some more informations :
If HolidayTotalThisYear is a nullable type, then you have to do :
if (objLeave.HolidayTotalThisYear.HasValue) {
lblTotalHolidayEntitled.Text = Math.Round(objLeave.HolidayTotalThisYear.Value, 2).ToString();
}