Unions help improve working conditions for members of the workforce. They negotiate and enforce a unique union contract with management that guarantees certain employee rights. This can be anything from decent raises, affordable health care, job security, and a stable schedule, to name a few. As a result, employees enjoy better workplaces and working conditions without the fear of retaliation.
The first union was established in 1794 and was known as the “Sustained Trade Union.” There are four types of unions: craft unions, industrial unions, general unions, and federation unions. Today, over 14.3 million Americans are in some type of union.
Common types of surety bonds that are required from Unions include:
SAG/AFTRA Talent Agency Surety Bond
The two unions, the Screen Actors Guild and the American Federation of Television and Radio Artists, merged to form the SAG/Aftra Union in 2012. Any agent who procures work for a member of the SAG/AFTRA union must have a SAG/AFTRA Talent Agency Surety Bond. This bond is to ensure the agent of record will obey all regulations and rules of the union. The bond amount is set by the union.
Wage and Welfare Bond
Wage and Welfare Bonds may also be referred to as Union Wage Bonds, Fringe Benefit Bonds, or Welfare Fund Bonds. The bond exists to ensure that union dues are paid and contractual obligations are met on behalf of the employees and that the unionized business will meet the contractual labor obligations of the union. The amount of the bond is set by the union that the business works with.