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Retro pay, also known as retroactive pay, is the compensation an employee receives to correct an underpayment from a previous pay period. This typically happens when there has been a change in pay, like a raise or a bonus, but the change wasn't applied to the employee's paychecks immediately.

Forecasting refers to the process of making decisions that are directed at the future under consideration of past and current information and it is often done based on both statistical and analytical means. It assists people, companies as well as institutions to make sound choices by...

A prevailing wage is the minimum hourly wage and benefits that must be paid to workers on certain public works projects. It's essentially the "going rate" for a specific type of work in a given geographic area, and is often determined by government agencies.