The fully-loaded rate that is your proposed rate is NOT your employee’s hourly rate! You’re NOT automatically covered!
03-1d – Pricing Build-Up
This houses information which displays how your hourly rate works up to your fully-loaded rate. Your CO will view the annual salary, hourly rate, taxes, leave, insurance, overhead, profit and IFF.
Review local, state and federal tax guidelines and DOL information for health and human welfare information. Stuff changes. I had one vendor who used information from 2009 because they didn’t know.
DOL’s Wage & Hour Division Wage Determinations
The DOL sets minimum rates for each division and service being proposed. They change, too. They are set for each county in each state. Your CO will select the county and state of the proposed state with the highest cost-of-living standard. That way everything’s covered.
You must ensure your service-providers are getting paid at least that much per hour. If not, you must revise. These wage determinations also can change throughout the life of your contract. Be aware!
You would help your CO tremendously if you provided the WDs with your proposal but make sure they’re correct. They’ll check anyway.
Everybody works hard and deserves fair pay. You have an important role to make that happen. So does your CO.
If you think I can help then email nicholas.s.robertson@outlook.com for your introductory email and free consultation.
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