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This question is about employer.
What does prevailing wage mean?
Prevailing wage refers to the average or basic amount of compensation and benefits employers pay employees in a specific profession, industry, or region. Prevailing wages normally apply to hourly wages, in which each employee receives a set rate of compensation for each hour they work.
Prevailing wages are used by policymakers to standardize wage and benefit floors for workers in a particular region. Oftentimes this is used for workers participating in government projects in any kind of employment capacity.
Prevailing wages are used by the government to make sure the wages it is providing government-contracted workers are not less than the local wage and benefits of the particular area in which the project is being completed.
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