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Prevailing wage is the hourly wage, benefits, and overtime paid to workers in a particular region. It includes health care, retirement account payments, and paid vacations. Employers may be required to file a prevailing wage determination application, and falsifying information can lead to legal consequences.
A prevailing wage is a wage that reflects the hourly wages, benefits, and overtime paid to people working in similar industries within a particular region. Prevailing wages are generally based on data collected on people working in a large metropolitan area within a particular county or province. This data is used to establish salary requirements and, more generally, to gather information on pay rates in various fields.
Prevailing wages include hourly wages, overtime allowances, tips, and benefits such as health care, retirement account payments, childcare benefits, and paid vacations. This information is compiled by a government agency that handles labor and employment issues and is compiled into an extensive database that can be used for comparisons. The prevailing wage in a given area often reflects the cost of living and the demand for specific types of work.
Some nations have an overriding wage law that is designed to protect workers. Under these laws, people must be paid the prevailing wages for their type of work. Foreign workers must be offered a prevailing wage as part of the terms of their work visas under that law. This requirement is designed to prevent companies from hiring foreign workers to avoid paying the prevailing wage, thereby reducing costs.
Information on the prevailing wage rate can be obtained directly from government employment agencies. Typically, a table is provided showing the high and low wages in a particular industry, as well as a range of average wages. Detailed statistics that break down jobs very precisely are very common. For example, instead of just keeping “construction” information, the prevailing wages for carpentry, pipe fitting, plumbing, bricklaying, electricians, and so on would be kept.
In regions where a prevailing wage law is in effect, employers may be required to file a prevailing wage determination application, which tells them the prevailing wage for the types of employees they are managing. You may need to fill out a prevailing salary form for each new project, detailing employee information and their compensation rates.
Falsifying information on prevailing payroll forms can lead to serious legal consequences. Government agencies can challenge people who submit questionable forms, as can unions. Many unions use pay transparency as a bargaining tool and tend to keep an eye on prevailing pay information in the interest of protecting their members.
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