Realized 1031 Glossary of Terms

Union

Written by The Realized Team | Jun 20, 2022 12:00:00 PM

A labor union is an organization formed to protect the rights of workers in specific industries. Labor unions unite workers of similar trades to obtain leverage in negotiations with employers over wages, hours, benefits and other working conditions. Unions function like democracies in that leaders and officers are elected by peers to make decisions that are beneficial to the union as a whole.

The National Labor Relations Act guarantees private sector employees the ability to create labor unions and provides unionized employees the right to strike and negotiate with employers for satisfactory labor conditions.