ESOP Businesses Eyed by City Council

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Philadelphia’s Committee on Commerce & Economic Development will hold a Public Hearing at 1 p.m. today at City Hall, to hear testimony on Employee ownership—a unique strategy to save jobs, prevent companies from moving out of Philadelphia and improve retirement outlooks for employees.

There are currently more than a dozen companies in Philadelphia that are either partially or fully employee-owned. They include McKean Defense at the Navy Yard, Urban Engineers in Center City, and Crown Cork & Seal in the Northeast. There are roughly 300 employee-owned companies across the state, and about 6,000 nationwide.

A recent study by the National Center for Employee Ownership in California reveals that employee-owned companies are more productive, have 92 percent higher household wealth, 33 percent higher wages and 53 percent longer job tenure.

Participating Councilman Derek Green (at Large), Members of City Council’s Committee on Commerce & Economic Development, ESOP business owners and representatives from the Pennsylvania Center of Employee Ownership.

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