Prevailing wage

A prevailing wage is the median wage paid to workers in a specified locality.

A prevailing wage is the median wage paid to workers in a specified locality.

Scope

Prevailing wage may include both wages and benefits. It encompasses the compensation for a worker given for performed labor..

USA

In the Davis-Bacon Act

Davis-Bacon Act

The Davis-Bacon Act of 1931 is a United States federal law which established the requirement for paying prevailing wages on public works projects...

 all federal government

Federal government of the United States

The federal government of the United States is the central government entity established by the United States Constitution, which shares sovereignty over the United States with the governments of the individual U.S. states. The federal government has three branches: the legislative, executive, and...

 construction contracts, and most contracts for federally assisted construction over $2,000, must include provisions for paying workers on-site no less than the locally prevailing wages and benefits

Employee benefit

Employee benefits and benefits in kind are various non-wage compensations provided to employees in addition to their normal wages or salaries...

 paid on similar projects.

In the Walsh-Healey Public Contracts Act

Walsh-Healey Public Contracts Act

The Walsh-Healey Act or Walsh-Healey Public Contracts Act, passed in 1936 as part of the New Deal, is a United States federal law which protectsemployees of government contractors whose contracts exceed USD 10,000...

 the federal government set the minimum wage

Minimum wage

A minimum wage is the lowest hourly, daily or monthly wage that employers may legally pay to employees or workers. Equivalently, it is the lowest wage at which workers may sell their labor. Although minimum wage laws are in effect in a great many jurisdictions, there are differences of opinion...

 equal to the prevailing wage in an area.

See also

• Wage
  Wage
  A wage is a compensation, usually financial, received by a worker in exchange for their labor.Compensation in terms of wages is given to worker and compensation in terms of salary is given to employees...
  
  
• Compensation of employees
  Compensation of employees
  Compensation of employees is a statistical term used in national accounts, Balance of Payments statistics and sometimes in corporate accounts as well...
  
  
• Employee benefit
  Employee benefit
  Employee benefits and benefits in kind are various non-wage compensations provided to employees in addition to their normal wages or salaries...
  
   (non-monetary compensation in exchange for labor)
• Employment
  Employment
  Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as: "A person in the service of another under any contract of hire, express or implied, oral or written, where the employer has the power or right to control and direct...
  
  
• Labour in Economics
• Living wage
  Living wage
  Living wage is a term used to describe the minimum hourly wage necessary for shelter and nutrition for a person for an extended period of time...
  
  
• Labor power
  Labor power
  Labour power is a crucial concept used by Karl Marx in his critique of capitalist political economy. He regarded labour power as the most important of the productive forces of human beings...
  
  
• Wage labour
  Wage labour
  Wage labour is the socioeconomic relationship between a worker and an employer in which the worker sells their labour under a contract , and the employer buys it, often in a labour market.It is the effort that people devote to a task for which they are paid The products of labour become the...
  
  
• Wage share
  Wage share
  The wage share is the ratio between compensation of employees and one of the following variables:#gross domestic product at market prices#gross domestic product at factor cost....
  
  
• Wage slavery
  Wage slavery
  Wage slavery refers to a situation where a person is dependent for a livelihood on the wages earned, especially if the dependency is total and immediate. The term is used to draw an analogy between slavery and wage labor. Some uses of the term may refer only to an "[un]equal bargaining situation...
  
  
• Working class
  Working class
  Working class is a term used in academic sociology and in ordinary conversation to describe, depending on context and speaker, those employed in lower tier jobs as measured by skill, education, and compensation....