Prevailing Wage Fringe Benefit Savings Calculator
When you work with DirectAdvisors, we will help you find savings opportunities that meet prevailing wage requirements for government contractors while offering valuable retirement, health and welfare fringe benefits to your employees.
Enter your information to see how much your company may be able to save:
Opportunities For Road and Bridge Contractors
In New York State, many roads and bridges remain structurally-deficient due to years of inadequate funding and climate change. New infrastructure repairs and replacements must accommodate the effects of climate change, spiking project costs by up to seventy-five percent.
As the Cuomo administration constructs a state spending plan for Fiscal Year 2021, both town and county highway supervisors and construction industry representatives are lobbying for increased state investment in bridge and road repair and replacement.
Increased spending on roads and bridges will likely create more jobs and economic opportunity, including bidding opportunities for contractors. However, with the list of contractors growing longer and longer, the bid pool has become extremely competitive. In order to win a bid, the contractor must supply the lowest cost, while maintaining compliance with project and government regulations.
Many merit shop contractors fulfill the fringe benefit requirement by paying benefit dollars as cash wages. Doing so causes employers to pay more in payroll-related taxes. This added cost drives up bidding prices, making you less competitive. There is a better solution.
Rather than deliver benefits in the form of cash wages, you can use the DirectAdvisors trust to transfer fringe benefits from payroll to direct employee benefits, reducing payroll-related taxes. At Direct Advisors, we help you lower costs and bid with a competitive edge.
Additionally, using the DirectAdvisors trust, you grant employees access to insured benefits, such as employer-provided healthcare, and cash benefits, such as supplemental employment during layoff season and 401k retirement benefits. Unlike similar benefits given by labor unions, the DirectAdvisors trust allows benefits to be individualized for each employee. Employees have the ability to choose benefits that best fit their needs. Providing employees with the power to choose their own benefits improves employer-employee relations and fosters employee retention. Confronted by recent construction labor scarcity, employee retention proves vital to running a successful contracting firm.