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Federal rates are calculated based on regulations established by the US Department of Labor.According to Code of Federal Regulations, "The prevailing wage shall be the wage paid to the majority (more than 50 percent) of the laborers or mechanics in the classification on similar projects in the area during the period in question.
The pay scale was originally created with the purpose of keeping federal salaries in line with equivalent private sector jobs. Although never the intent, the GS pay scale does a good job of ensuring equal pay for equal work by reducing pay gaps between men, women, and minorities, in accordance with another, separate law, the Equal Pay Act of 1963.
With $48.666 billion in business with the U.S. federal government, Lockheed Martin, based in Bethesda, Maryland, is the largest U.S. federal government contractor. The Top 100 Contractors Report (TCR 100) is a list developed annually by the General Services Administration as part of its tracking of U.S. federal government procurement.
Locality pay varies, but is at least 15.95% of base salary in all parts of the United States. The following salary ranges represent the lowest and highest possible amounts a person can earn in base salary, without earning overtime pay or receiving a merit-based bonus. Actual salary ranges differ adjusted for increased locality pay.
A pay scale (also known as a salary structure) is a system that determines how much an employee is to be paid as a wage or salary, based on one or more factors such as the employee's level, rank or status within the employer's organization, the length of time that the employee has been employed, and the difficulty of the specific work performed.
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Open-ended employment contracts are also called permanent, indefinite, or continuing contracts as they are typically used for long-term employment situations (University of Strathclyde, 2013). This type of employment contract may be terminated if either party gives appropriate notice to the other party or in specific instances such as health ...
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