Wage and welfare bonds are known by several names, such as wage bonds, welfare bonds, fringe benefit bonds, and union bonds. They are a type of financial guarantee surety bond. Wage and welfare bonds are required to guarantee that an employer will honor the payments, contributions to funds, and benefits packages that they agree to provide to compensate employees from a union. Unions often require wage and welfare bonds when negotiating agreements with other companies. This bond helps unions have peace of mind that the employer will honor promised payments and contributions to the union.
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