Federal Contractors Get 10% Raise

Tuesday, 08 May 2012 01:09 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Top federal contractors got a 10 percent raise last month while government workers continue to labor under a two-year pay freeze. The cap on reimbursement to executives of private firms doing government work was raised to $763,029 from $693,951 by the Office of Federal Procurement Policy, The Washington Post’s Federal Diary column reports.

The government had little choice in the matter as the compensation rate is set by law. Companies are also free to pay their executive more than the cap. The Obama administration has proposed replacing the current formula with one that would link contractor reimbursement to the pay of Cabinet officials, which is now just under $200,000, the Post reported.

“In accordance with an outdated statute, the federal government was forced to raise the cap on agency reimbursements to contractors for the pay of senior executives who contract with the government,” Moira Mack, an Office of Management and Budget spokeswoman, told the Post. “With this latest congressionally mandated increase, taxpayers will be on the hook for contractor reimbursements far in excess of what is reasonable.”

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Conservative Group: ABC's Midterm Blackout Reeks of 'Liberal Bias'

Thursday, 23 Oct 2014 13:22 PM

A study by the conservative Media Research Center claims that ABC World News hasn't covered the midterm elections in two . . .

Administration Freed Illegal Immigrants Charged With Violent Crimes

Thursday, 23 Oct 2014 12:25 PM

Illegal immigrants charged with violent crimes and serious felonies were among the hundreds of criminals the Obama admin . . .

Fewest Americans in 14 Years File Jobless Claims

Thursday, 23 Oct 2014 11:52 AM

The number of Americans filing new claims for unemployment benefits rose last week, but the underlying trend pointed to  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved