Скачать или смотреть Finding your numbers for Prevailing Wages under 60 seconds - Part 1

LINK: https://www.sparksuper.com/prevailing...

Prevailing Wages for Co-ops and Condos

As you may know, Prevailing Wages that covers residential Building Service Employees has been a popular topic this year for many Coops and Condos.

It has also been a source for much confusion.

Who's required to pay PW and why? How much does it cost? Are there exceptions?

While many details of Prevailing wages law are beyond the scope of this video, our goal is to make super simple and clear one aspect of the PW laws - the math.

You may know that PW changes your payroll expenses dramatically. On a basic level, there's a new minimum rate that's required to be paid to your building service employee that is higher than the federal minimum wage. PW also entitles the employee to an additional hourly compensation on top of the basic pay rate called supplemental benefits rate, which is meant to cover health insurance and other lifestyle expenses.

Under PW, a building service employee is also entitled to a set number of personal days, sick days, vacation days and holiday pay per year.

These hourly rates change according to the different types of building service employees, such as whether he or she is a doorperson, porter, handyperson, elevator operator, or security guard. Moreover, these rates and the other benefits, such as the number of holidays off, change depending on when the employee was hired. Obviously, the longer the employment, the higher the pay and benefits.

For buildings under the PW requirements, Co-ops and Condo boards and management companies have been trying to untangle these rules to find the cost of their building staff, what to pay them under the new rates.

And for buildings not yet under the PW, this calculation has been the source of a lot of angst. Why? Because the City has given the choice for Co-ops and Condos, in certain scenarios, to choose public given benefits or to pay their staff PW. So, the need to know the true total costs of their building staff under PW has been critical to making this analysis.

But to calculate this by hand, for example, counting the months or weeks of employment, can be a mind-numbing effort and mistakes are bound to happen.

So, to help make this calculation easy, we created our own online tool based off of the PW pay rates issued by the NYC Comptroller office - to help you know what to pay your Building Service Employee under PW and, even better, give you the TOTAL COST OF the building service staff. For buildings making that critical decision of whether to fall within the ambit of PW laws, our Calculator should make the math a snap.

Our Calculator not only finds the Employee's gross salary under the PW laws, it takes into consideration the other oft-missed costs that have nothing to do with his salary, such as Employer's payroll cost, Workers Compensation, Disability that contribute to this line item and which are expenses on top of the gross salary. Moreover, the "days off" entitlements must also be included as these are days paid out to someone else for coverage or are required to be paid overtime. These are all costs that are spent on top of the salary and - under PW - his supplemental benefits compensation.

Our Calculator also includes the not-so-obvious costs related to the Building Service Employee (and many buildings do miss this), such as the yearly bonus, any living quarters costs, such as for a live-in Building Super, and any utilities or other additional benefits offered to the Employee.

Putting all this together gives you a more accurate understanding of your staffing costs.

So, with the goal to help the Boards and Managers quickly and EASILY find this total cost because we are all busy in our lives, we created a calculator that helps you find the true cost of your building staff, with all of the above included (Employer's payroll taxes, Worker's Comp, in less than 1 minutes (watch the demo).

In less that 60 seconds, you'll find the gross pay of your staff under Prevailing wages and get a complete breakdown of everything about your staff's salary, benefits and all of the other costs that come with his employment.

The best part, I think, is that the Calculator converts your total cost to COST PER HOUR.

We use this figure for so many applications and it will give you the direction you need to make tough decisions.

This is an estimate, use this with your financial advisor for the final number.

Thank you for listening.