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The prevailing wage rate is the basic hourly rate paid on public works projects to a majority of workers engaged in a particular craft, classification or type of work within the locality and in the nearest labor market area (if a majority of such workers are paid at a single rate).
Pennsylvania's Prevailing Wage Law was enacted in 1961 to protect construction workers from out-of-state competition, mandating that contractors pay the wages that prevail in each region on all government construction projects more than $25,000.
The prevailing wage rate is defined as the average wage paid to similarly employed workers in a specific occupation in the area of intended employment.
Currently, the state of Texas does not publish annual Prevailing Wage figures. Despite not being required to report figures, the Texas Prevailing Wage law says payment of Prevailing Wage rates is required for labor on federal, state or other governmental projects.
Under Texas prevailing wage law, prevailing wage means a base hourly wage rate plus fringe benefits. Examples of fringe benefits include the following: 1) life insurance; 2) health insurance; 3) pension; 4) vacation; 5) holidays; 6) sick leave.