The New York State legislature is poised to pass a comprehensive revision of the prevailing wage law, extending prevailing wage requirements to a far wider scope of work than ever before. An interesting article covering this can be found in the Albany Times Union here.
Competition for good workers has never been higher. What better way to secure your workforce during a work slowdown or seasonal shut down than to provide them with cash benefits so that they can enjoy their time-off rather than look for work elsewhere.
As many contractors are wrapping up their work before the bad weather sets in, the time is coming to plan for next year.
Annualization is the one most commonly misunderstood concepts in the Davis-Bacon Act and state prevailing wage laws. However, knowledge about how annualization works, and how it affects a contractors’ financial obligations for benefit plans, is critical for all businesses engaged in public works.