President Biden signed an executive order on April 27, 2021, to increase the minimum wage to $15 an hour for federal contractors, providing a pay raise to hundreds of thousands of workers. Agencies must begin incorporating the new rate into new contract solicitations starting Jan. 30, 2022. By March 30, 2022, agencies will need to implement the $15 minimum wage into all new contracts.
The current minimum wage is $10.95 per hour; the new rate brings a 37% increase in hourly pay.
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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal or tax advice.