Federal Wage Worker Pay Fairness Act of 2001

Federal Wage Worker Pay Fairness Act of 2001 - Requires the Office of Personnel Management to define the boundaries of local wage areas for prevailing rate employees so as to be the same as the boundaries of the respective pay localities, subject to such exceptions as the Office, with the approval of the Federal Salary Council, may find to be necessary.

Requires that wage surveys be conducted by the Bureau of Labor Statistics (BLS) responsible for conducting surveys of pay localities. (Currently, such wage surveys are conducted by the lead agency for each local wage area.)

Requires annual adjustment of the rates of pay for the regular and special wage schedules by the lead agencies or the Office, as appropriate, by the percentage equal to the overall average percentage adjustment taking effect with respect to General Schedule positions.

Requires the BLS (currently, the lead agency of the local wage area involved) to establish the wage schedules and rates to be applicable to prevailing rate employees in that area when there are a number of comparable positions in private industry insufficient to establish such wage schedules and rates.