Training Funds Savings Programs
If your company does ANY prevailing wage work or would like to find an easier way to budget for annual education, training and certifications, Ohio Valley ABC, through its 501c3 non profit educational partner, the Ohio Valley Construction Education Foundation has a program for you.
Have you ever wondered how unions can offer year round “free” training for apprentices? Examine any prevailing wage sheet and you will see that training is never free. Unions, on average, charge their contractors $.50 - $1 for every hour worked. These “training” funds go to the union to cover the costs of operating an ongoing training program. EVERY worker hour is charged this fee.
Merit shops who do prevailing wage work typically do not understand the “training funds” part of the fringe benefits and pay this out in cash to their workers, therefore missing the opportunity to fund future training and save on payroll taxes. Merit shop firms that do ANY prevailing wage work should take advantage of withholding training funds.
Every year your company plans for training, education and re-certification of employees. Every year when things get “tight”, we steal those budgets to fund other items. Stop Stealing from yourself and commit to the training you know you want, what is necessary to grow and advance your company and employees.
This can easily be done through creation of a voluntary cents per hour, prepaid training funds program. Here is how it works. For every hour worked, you set up in your payroll system, an amount per hour that will be set aside and deposited into your training funds account managed by the Ohio Valley Construction Education Foundation. When you are ready for your next training program or want to enroll someone into project management or registered apprenticeship, you withdraw the funds as needed.