A bill to increase the rates of pay under the statutory pay systems and for prevailing rate employees by 7.4 percent, and for other purposes.

Bill 118 s 3688, also known as the "Pay Raise Act," is a piece of legislation that aims to increase the rates of pay for employees under the statutory pay systems and prevailing rate employees by 7.4 percent. The bill does not specify which specific pay systems or employees will be affected by this increase, but it is likely to impact a wide range of federal workers.

The purpose of this bill is to provide a significant pay raise for federal employees in order to help them keep up with the rising cost of living and to ensure that they are fairly compensated for their work. The 7.4 percent increase is higher than the typical annual pay raise for federal employees, which is usually around 1-3 percent.

The bill does not include any other provisions or changes to existing laws or regulations. It simply focuses on increasing the rates of pay for federal employees. The bill is currently being considered by Congress and has not yet been passed into law. Overall, the Pay Raise Act is a straightforward piece of legislation that seeks to provide a substantial pay raise for federal employees. It is likely to be welcomed by many workers who have been struggling to make ends meet in the face of rising costs.