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Prevailing Wage: What Contractors Need to Know

If you have been doing construction businesses for a long time, then you need to have an ideal of what prevailing wage is all about. There is even a need for you to consider Davis-Bacon Act as it plays an important role for a contractor like you to respond. You need to give the workers all the things that they deserve according to the law. If you do not follow the law, then you will be questioned in court. If you want to give benefits to the workers, it must be according to the law. Hence, you should have the initiative to check what the act says on this matter.

If you are working for a construction project that is funded by the federal government, you must provide benefits to all your workers hourly prevailing wage. This is certainly in excess of that amount of $2,000. You need to be compassionate according to the law. There are contractors that will certainly pay their workers a small amount just because they want to play good game. They do not want to spend a lot of money on their workers which even result the latter to have a small take home pay.

For sure, workers are very much aware about this because they will not allow themselves to be used by big companies. They are aware of being paid a wage, yet they are also entitled to receive fringe benefits. Those fringe benefits may be given to them not necessarily in terms of physical money because your company may desire to avail insurance plans for them. Think of getting life and health insurance for the workers. It will also be meaningful should you offer vacation and holiday pay. If you also desire to offer apprenticeship training programs, then the workers will even be happy to benefit from them.

You need to be smart if you will provide fringe benefits. You have the choice to turn those fringe benefits into wages, but you will be paying taxes. If you really want to help your workers get more, then you better provide them a separate set of fringe benefits. They will enjoy those benefits better than seeing them being blended with their wages subject to taxes. It is now time to find a company that shall become your partner in terms of offering retirement, medical, or life insurance solutions. You need to know more of their backgrounds so that you can extend much help to the people who are very close to you.

You need a partner provider that has decades of experience. It means that other construction companies also avail their solutions because those are affordable and even helpful to their workers. Having at least 3 decades of experience is worth it. You want to save money and give rewards to your workers at the same time. You want to see your workers having financial security of their own. Besides, you also want to make them feel secured so that they will be productive in return.

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