Washington, D.C. – In response to the Republican National Convention once again endorsing employee stock ownership plans (ESOPs), Employee-Owned S corporations of America (ESCA) released the following statement from President and Executive Director Stephanie Silverman:
“ESCA applauds the Republican Party for once again committing to the expansion of employee ownership for workers across the United States. Boosting employee ownership strengthens businesses, boosts retirement security, and helps keep jobs in America.
“The ESOP model is a tried and true way to ensure that workers can become capitalists and share in the rewards of a successful company. Nearly half a million employee-owners at S corporation ESOP (S ESOP) companies benefit from ESOPs in every major private-sector industry group. In fact, S ESOPs increased employment by 60 percent from 2001 to 2011, while the private sector as a whole had flat growth.
“Today, 120 Members of Congress, including 69 Republicans, have co-sponsored legislation that would bring employee ownership to more workers throughout the country. More employee ownership means more growth, enhanced retirement security, and reduced wealth and wage inequality.
“With a record number of business owners retiring in the next decade, incentivizing owners to turn their businesses over to employees could not be more timely. We are proud that the Republican Party recognizes the benefits of ESOPs and look forward to working with party leadership to encourage employee ownership.”