payroll dictionary
 

Payroll Dictionary: M

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McNamara-O'Hara Service Contract Act of 1965
A federal act the requires federal contractors to pay their employees working on a federal contract at minimum the same wage and benefits as they would receive working locally.

Minimum Wage
The hourly wage rate set by the federal government below which employers cannot fall. This rate is usually increased by the government based on general cost of living increases.

 

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