$15 Minimum Wage Rule for Federal Contractors Finalized by DOL

An Executive order titled “Increasing the Minimum Wage for Federal Contractors” was published on November 24, 2021 and signed by President Joe Biden April 27, 2021. This order finalizes regulations to implement raising “the hourly minimum wage paid by those contractors to workers performing work on or in connection with covered Federal contracts to $15.00 per hour, beginning January 30, 2022.”

SHRM goes on to discuss the impact this could have on businesses not obligated by law to raise their minimum wage: “The tight labor market has given employees more leverage on pay, and many organizations have concluded that they need to raise compensation, especially among their lowest-paid workers, to attract needed talent. In recent months, some large banks, retailers and restaurant chains increased the minimum amount they pay their employees to $15 and even $20 per hour.”

Read the full story on SHRM here.

If you found this resource helpful, help us out by sharing it on your favorite platform:
Share on facebook
Share on twitter
Share on linkedin
Alex Steeno

Alex Steeno

Senior industry analyst, adviser of multiple hypergrowth agencies, SaaS, and tech-enabled service platforms, Alex Steeno regularly contributes insights related to industry trends, growth marketing, and management consulting.

Industry insights, straight to your inbox.

Enter your email and you’ll be the first in the know when we publish new insights.

Ready to get started with GreenLight?

Mastering the management of today’s 50 million freelancers and contractors is no simple task. That’s why we created GreenLight.

We’re human-cloud experts that build solutions designed for the freelance economy. We take the complexity out of managing contract workers so you can make the gig economy work for you.

Connect with us on LinkedIn

Stay in the loop as we share exciting company updates, industry trends, upcoming webinars, partnerships, and more.

Hire Great Talent & Help Ukrainian Refugees

GreenLight.ai is proud to play its part in supporting millions of displaced Ukrainian refugees to earn an income in their host countries by providing employers the infrastructure they need to hire and pay remote Ukrainian professionals.