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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. 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. History "Prevailing wages" w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as ''minimum wage'', ''prevailing wage'', and ''yearly bonuses,'' and remunerative payments such as ''prizes'' and ''tip payouts.'' Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company. Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Power
Labour power (in german: Arbeitskraft; in french: force de travail) is a key concept used by Karl Marx in his critique of capitalism, capitalist political economy. Marx distinguished between the capacity to do work, labour power, from the physical act of working, labour. Labour power exists in any kind of society, but on what terms it is traded or combined with means of production to produce goods and services has historically varied greatly. Under capitalism, according to Marx, the ''productive powers of labour'' appear as the ''creative power of capital''. Indeed, "labour power at work" becomes a component of capital, it functions as working capital. Work becomes just work, workers become an abstract labour force, and the control over work becomes mainly a management prerogative. Definition Karl Marx introduces the concept in chapter 6 of the first volume of ''Das Kapital, Capital'', as follows: :"By labour-power or capacity for labour is to be understood the aggregate of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Living Wage
A living wage is defined as the minimum income necessary for a worker to meet their basic needs. This is not the same as a subsistence wage, which refers to a biological minimum, or a solidarity wage, which refers to a minimum wage tracking labor productivity. Needs are defined to include food, housing, and other essential needs such as clothing. The goal of a living wage is to allow a worker to afford a basic but decent standard of living through employment without government subsidies. Due to the flexible nature of the term "needs", there is not one universally accepted measure of what a living wage is and as such it varies by location and household type. A related concept is that of a family wage – one sufficient to not only support oneself, but also to raise a family. The living wage differs from the minimum wage in that the latter can fail to meet the requirements for a basic quality of life which leaves the worker to rely on government programs for additional income. Livi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
