Starting January 1, 2024, certain federal contractor employees will see their minimum hourly wage increase to $17.20, following a notice from the Department of Labor. This extends the prior increase from January 1, 2023. The new rate applies to contracts from January 30, 2022, onward, with the phasing out of lower wage rates for tipped employees. This rule covers all federal contracts and allows contractors to request price adjustments for increased labor costs. Subcontractors may also qualify. Parties should review their existing contracts and ensure compliance with the new rule for contracts effective after January 1, 2024. For details, click here.
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