Allowable Wage Rates – The maximum rates that will be considered reasonable for 508(h) submission research and development or maintenance costs incurred during a particular reinsurance year, as determined by FCIC in accordance with the criteria set forth in the Federal Crop Insurance Act. The Federal Crop Insurance Act provides that for the purpose of reimbursing research and development and maintenance costs, costs of the applicant shall be considered reasonable costs if the costs are based on (1) for any employees or contracted personnel, wage rates equal to not more than 2 times the hourly wage rate plus benefits, as provided by the Bureau of Labor Statistics for the year in which such costs are incurred, calculated using the formula applied to an applicant by the Corporation in reviewing proposed project budgets and (2) other actual documented costs incurred by the applicant.
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