New Study Finds Employee Stock Ownership Plans Reduce Inequality in Wealth and Wages
New research by Jared Bernstein, former chief economist for Vice President Joe Biden, finds that by increasing capital ownership, employee stock ownership plans (ESOPs) reduce wealth inequality, and, if plans were to proliferate, more workers across the country would benefit from the equalizing effects of ESOPs. Bernstein’s report also finds that ESOPs do not have the effect of trading employee wages for ownership shares. You can view the entire study here.
S ESOP 101
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ESOPs in Your State
Nearly 500,000 employee owners work in approximately 3,000 S corporation ESOPs across in 50 states.
S ESOP companies flourish in industries as diverse as manufacturing, health care, retail trade, finance, construction and more, employee-owners are essential to the fabric of economies at the local, state, and national level.
In total, S ESOPs account for $93 billion in direct economic output, and as a group America’s S ESOPs experienced 60 percent employment growth from 2001 to 2011. (Source 1, Source 2)
ESCA members include over 150 companies, with representatives in every state. See the map to the right for more state-by-state details on ESCA companies and employee-owners.
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It definitely makes a big difference to own a part of a company
Every day I see how our ESOP
My folks worked . . . until they weren’t able to work. It is nice to know that I won’t be in that position.”