Question 1

What is the median H-1B salary at Federal Reserve Bank of Richmond?

Accepted Answer

Federal Reserve Bank of Richmond pays a median H-1B salary of $122,242 for sponsored positions, with an average of $134,404. The average prevailing wage across Federal Reserve Bank of Richmond's filings is $109,355. These figures are based on Labor Condition Application filings with the Department of Labor.

Question 2

What is a prevailing wage determination?

Accepted Answer

A prevailing wage determination (PWD) is a wage rate set by the Department of Labor for a specific occupation and geographic area. Before filing an LCA, employers request a PWD from the DOL, which surveys wage data to determine what workers in similar roles are typically paid in that location. H-1B employers must pay at least the prevailing wage or the actual wage paid to other employees in the same role, whichever is higher. The prevailing wage column in the table above shows the DOL-determined floor for each position.

Question 3

How does Federal Reserve Bank of Richmond pay compared to the prevailing wage?

Accepted Answer

Federal Reserve Bank of Richmond's average offered wage is $134,404, compared to an average prevailing wage of $109,355 across its filings. When a company pays above the prevailing wage, it indicates the offered salary exceeds the DOL-determined market rate for the occupation and area. The salary table above shows both the offered and prevailing wages for each individual filing.

Question 4

What are H-1B wage levels I through IV?

Accepted Answer

The DOL sets prevailing wages at four levels: Level I (Entry) at the 17th percentile, Level II (Qualified) at the 34th percentile, Level III (Experienced) at the 50th percentile, and Level IV (Expert) at the 67th percentile. These levels reflect the complexity of the job duties and experience required. The prevailing wage is specific to each occupation (SOC code) and metropolitan statistical area. Higher wage levels indicate more senior positions.

Question 5

What is the H-1B salary requirement?

Accepted Answer

There is no single minimum salary for H-1B visas. Employers must pay the higher of the actual wage (what they pay other employees in the same role) or the prevailing wage determined by the DOL for the specific occupation and geographic area. The prevailing wage varies by job, location, and wage level. A Level I software engineer in a small metro area will have a very different floor than a Level IV software engineer in San Francisco or New York.

Job Title	Positions	Min	Median	Max
Financial Economist	5	$86,112	$179,366	$191,356
Economist - Research	4	$122,242	$122,242	$122,242
Research Economist	2	$117,936	$117,936	$117,936
Project Manager - Tech. - Sr.	1	$102,648	$102,648	$102,648

Location	Positions	Min	Median	Max
Richmond, Virginia	7	$102,648	$120,089	$122,242
Charlotte, North Carolina	5	$86,112	$179,366	$191,356

Federal Reserve Bank of Richmond — H-1B Sponsored Salaries

Federal Reserve Bank of Richmond H1B Salaries

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