The Department of Labor (DOL) is seeking approval for an information collection request regarding the National Compensation Survey from the Office of Management and Budget (OMB), as required by the Paperwork Reduction Act of 1995. The survey gathers data on earnings and benefits from private firms and government, which is used to produce important economic indicators like the Employment Cost Index. The DOL invites public comments on the necessity, accuracy, and burden of the data collection, which is crucial for evaluating employee compensation trends. Responses to this request are due by March 31, 2021.
Simple Explanation
The Department of Labor wants to check how much people get paid by asking businesses and the government for some information, and they need permission to do this. They also want people to share their thoughts on whether this is important, fair, and how it affects those who have to provide the information.