Definitions for prevailing wage
pre·vail·ing wage

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1. Prevailing wage

   In United States government contracting, a prevailing wage is defined as the hourly wage, usual benefits and overtime, paid to the majority of workers, laborers, and mechanics within a particular area. This is usually the union wage.: 1 Prevailing wages are established by regulatory agencies for each trade and occupation employed in the performance of public work, as well as by State Departments of Labor or their equivalents. Prevailing wage may also include other payments such as apprenticeship and industry promotion. In the United States, the Davis–Bacon Act of 1931 and related amendments pertain to federally funded projects. There are also 32 states that have state prevailing wage laws, also known as "little Davis-Bacon Acts". The rules and regulations vary from state to state. As of 2016, the prevailing wage requirement, codified in the Davis-Bacon Act, increases the cost of federal construction projects by an average of $1.4 billion per year.: 1 

FreebaseRate this definition:5.0 / 1 vote

1. Prevailing wage

   In government contracting, a prevailing wage is defined as the hourly wage, usual benefits and overtime, paid to the majority of workers, laborers, and mechanics within a particular area. Prevailing wages are established by regulatory agencies for each trade and occupation employed in the performance of public work, as well as by State Departments of Labor or their equivalents. Prevailing wage laws seek to prevent public construction projects from destabilizing a local construction industry and to advance other priorities such as workforce development, green building, and greenhouse gas reduction. But, many people also believe that prevailing wage is a product of a bygone era that inhibits competition and artificially inflates the cost of public projects. Some believe that the need for prevailing wages is to prevent the public sector’s large expenditures and strict competitive bidding requirements from destabilizing local and regional construction markets. By taking wages out of the equation, prevailing wages organize competition around quality, productivity, and efficiency without touching off a “race to the bottom” as contractors underbid one another by lowering the rate of pay earned by their workers. The goal is that, with everyone playing on a level field, contractors seek to maximize their workers' output and their own ability to manage work better than their competition. In practice, a construction project will have most of the same workers on the job whether it is a "prevailing wage" job or not. The employees will be paid at a higher wage scale if the project has been deemed "prevailing wage" either by law or choice. Prevailing wage is the government removal of wage competition and of setting a firm wage schedule. Many believe that this sort of government involvement in private industry is inappropriate and inefficient.

How to pronounce prevailing wage?

1. Alex

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   David

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How to say prevailing wage in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of prevailing wage in Chaldean Numerology is: 5

2. Pythagorean Numerology

   The numerical value of prevailing wage in Pythagorean Numerology is: 5