The federal contractor minimal wage is a prevailing wage that have to be paid to staff employed by contractors and subcontractors who carry out work on federal contracts. The minimal wage for federal contractors is ready by the U.S. Division of Labor’s Wage and Hour Division and is up to date yearly.
The federal contractor minimal wage is necessary as a result of it helps to make sure that staff are paid a good wage for his or her work. It additionally helps to degree the taking part in area for companies that compete for federal contracts. The minimal wage for federal contractors has been in place since 1936, and it has been up to date a number of occasions over time to maintain tempo with inflation.
