Written by via dol.gov
WASHINGTON – To help create and promote business ownership by America’s workers, the U.S. Department of Labor today announced the launch of a new Employee Ownership Initiative within its Employee Benefits Security Administration.
As part of the Worker Ownership, Readiness, and Knowledge Act in the SECURE 2.0 Act of 2022 and aligned with President Biden’s promise to lead the most pro-worker administration in history, EBSA will implement a new program to empower workers through ownership arrangements and educate those workers on possible pathways to greater rewards in return for their labor.
“Worker ownership arrangements help create pathways for employees to earn a fair share of the profits that their labor makes possible and will play a critical role in the Biden-Harris administration’s fight to give workers a voice on the job and a seat at the table,” said Acting Secretary of Labor Julie A. Su. “This new Department of Labor initiative is an important step in implementing President Biden’s economic plan to empower workers and grow the economy from the middle out and the bottom up — not the top down.”