I'm trying to understand what "prevailing wage" means, especially in the context of government contracts and labor laws. How is it calculated, who sets it, and does it vary by region or job type? Any clear explanation would be appreciated.
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.
