Urban CNY – Gillibrand Visits Syracuse Label & Surround Printing In North Syracuse to Announce Bipartisan Co-Op and Employee Ownership Legislation

From Urban CNY:

North Syracuse, NY – U.S. Senator Kirsten Gillibrand visited Syracuse Label & Surround Printing, which supports worker-owned co-ops, to announce her bipartisan legislation the Main Street Employee Ownership Act, which would support small businesses that invest in and reward their workers and communities by transitioning to an Employee Stock Ownership Plan (ESOP) or a cooperative (co-op).

ESOPs and co-ops have demonstrated that employee ownership is good for businesses, workers, and the local economy. Companies that transition to employee ownership see an increase in productivity by 4 to 5 percent the year the business becomes employee-owned. Employee ownership also rewards workers, paying 5 to 12 percent more and with workers having 2.2 times more in retirement savings as well as greater job stability. Furthermore, employee ownership helps prevent layoffs and creates locally rooted jobs. ESOPs are less likely than comparable businesses to lay off workers in economic downturns, and employee-owned companies are less likely to go bankrupt and tend to stay in business longer.

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