What is prevailing wage?

[jatin]

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.

 

[kate]

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.

 

[Emly]

A prevailing wage is the average wage paid to workers in a specific trade or occupation within a geographic area, typically set by government agencies. It ensures that workers on public projects, like construction funded by federal or state money, are paid fairly and competitively. Prevailing wage laws help prevent undercutting of local labor rates and maintain industry standards.