Construction Labor Scarcity Despite Record Numbers of Employment
The US Chamber of Commerce has recently released data showing 61% of contractors nationwide have experienced difficulty finding skilled workers over the last three months. Many believe a perfect storm including record amounts of construction projects combined...
Table of Experts-Prevailing Wage
The Albany Business Review hosted three experts to discuss how prevailing wage impacts the construction industry, labor unions, wages and the economy. Table of Experts-Albany Business ReviewDownload
How to Calculate Annualization
As stated in the U.S. Department of Labor Prevailing Wage Resource book, “Annualization is a computational method used to determine the hourly rate of benefit plan contributions that are creditable towards a contractors’ prevailing wage fringe benefit obligation on covered projects.”
Creative Plan Design Can Eliminate Annualization Requirements
All Merit shop construction companies working on projects covered by the Davis-Bacon Act or state prevailing wage laws have to make decisions on how to satisfy the fringe benefit portion of the prevailing wage law.
Case Study – An Easy Win-Win for Employer and Employees
In New York, the prevailing wage and fringe benefit rate must be paid on all public work hours. Contractors may satisfy the fringe benefit portion of the prevailing wage by either paying the prevailing benefit rate as additional cash wages, or by providing bona fide benefits that at least equal the rate.