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Running up the Score: Union Households Hold More Wealth 

March 26 2024
Economy, Labor Management, Labor Relations, Pension/Health and Welfare Benefits, Related Organizations, Unions

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Recent findings from the Center for American Progress have illuminated significant wealth disparity favoring union households over their nonunion counterparts. This revelation underscores the tangible benefits of union membership, extending far beyond the immediate working years.

Wealth Disparity  

The data indicates that the median wealth of union households is ‘significantly higher’ than that of nonunion households.  This disparity can be attributed to several factors.  But probably the simplest explanation is, Union members enjoy comprehensive benefits, including training, pension, health, and many others, which continue to provide financial security post-retirement. 

Beyond the Paycheck 

Union Laborers not only benefit from more robust retirement plans but also earn higher wages compared to their non-union peers during their working years.  Enhanced job security further adds to the financial stability experienced by union workers. 

For a deeper dive into the statistics and findings:

It’s a Win-Win Situation 

The advantages of unionization extend beyond individual financial gains.  Union projects are noted for their safety and cost-efficiency over time, presenting a compelling case for both workers and contractors.  Owners, too, benefit from projects executed with a well-trained, safe, and cost-effective workforce. 

The more research emerges, the clearer the benefits of unionization become for all parties involved. Workers enjoy higher earnings in safer environments, contractors deliver projects efficiently and attract skilled labor, and owners gain from the high-quality outcomes of unionized projects. 

Why NOT go union? 

The question, “why not go union?” resonates more forcefully with each new piece of evidence. The answer seems increasingly clear:  unions represent a win-win for all members of the tripartite relationship between workers, contractors, and owners. 

Ther narrative of unionization is not just about fair wages or benefits; it’s about creating a sustainable ecosystem where each party thrives.  The growing body of research continues to reinforce the union proposition as not just a viable, but a superior choice for the American workforce and the industry at large. 

Learn More:

Union households tend to have over $100,000 more in wealth than nonunion families, Federal Reserve data shows

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