Wage & Welfare Bond
What is a Wage & Welfare Bond?
A Wage & Welfare Bond is a type of Commercial bond that ensures that employers pay wages, benefits, and contributions to unions as agreed upon in collective bargaining agreements.
Protects union members and their families from financial loss due to employer non-payment or non-compliance.
Required by labor unions for employers to ensure the fulfillment of their financial obligations to union members.
Applicant’s personal or business information, credit history, bond amount, and union contract details.
Based on credit history and bond amount, usually 1-5% of the bond amount for applicants with good credit.
