Living Wage Grant Program

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by MichealTillinghast

by MichealTillinghast

Title: Small Business Act - Living Wage Grant Program

Section 1: Definitions

Section 2: Eligibility for Living Wage Grant

(a) Employers who are unable to employ their employees at a rate that is $23 an Hour without incurring a loss greater than fifteen percent of their annual profit shall be eligible to participate in the Living Wage Grant Program.

(b) Employees of eligible employers shall be entitled to receive a Living Wage Grant in the form of a bond issued by the Federal Reserve.

(c) The Living Wage Grant shall be calculated as the difference between the hourly rate paid to the employee and the rate of $23 an Hour, multiplied by the number of hours worked by the employee.

(d) The Living Wage Grant shall be denoted on the employee's paystub, clearly indicating the amount received.

Section 3: Implementation and Effective Period

(a) The Living Wage Grant Program shall be implemented effective from January 1st, 2025, and shall remain in effect until January 1st, 2030.

(b) The Rhode Island Department of Labor and Training shall oversee the administration and enforcement of the Living Wage Grant Program.

(c) Employers seeking to participate in the program shall submit relevant documentation to demonstrate their eligibility.

(d) Any disputes arising regarding eligibility or the calculation of Living Wage Grants shall be resolved through the procedures established by the Department of Labor and Training.

Section 4: Compliance and Penalties

(a) Employers found to have provided false information or misrepresented their eligibility for the Living Wage Grant Program shall be subject to penalties as prescribed by law.

(b) Failure to comply with the provisions of this chapter may result in the revocation of eligibility for the Living Wage Grant Program and other applicable penalties.

(c) Employers shall maintain records related to employee wages and Living Wage Grants for a period of not less than five years, which shall be subject to inspection by the Department of Labor and Training.