The Prevailing Wage Predicament
When bidding on government construction contracts which fall under the Davis-Bacon Act, you must comply with the stated prevailing wage determination. This means that when your employees' compensation package falls short of the stated prevailing wages and fringe benefits of laborers employed on similar projects in the area, you need to make up the difference. While this is only fair to your employees, making it up in cash wages eats into your profit!
BCT Delivers a Win-Win Solution
BCT allows you to take the difference between the stated prevailing wages/fringe benefits and your employees' total compensation package and pay it to a supplemental unemployment benefit plan (SUB) -instead of in additional hourly pay. Your employees’
benefits are invested into an interest bearing money market account and treated as a fringe benefit. Employees are eligible to use their benefits during periods of unemployment and these benefits do not usually impact their rights to receive state unemployment benefits.
The result is two-fold...
BCT understands the business of government contracting and importance of providing a robust unemployment plan and construction benefit package for the laborers who work so hard on prevailing wage jobs.