There will always be a debate about whether or not it’s better to belong to a union or not.
While most people acknowledge the benefit of being in a union, their existence is not without cost to businesses.
But it turns out that belonging to one could be a major financial boon.
A new study by Cornell University’s Industrial and Labor Relations Review shows that men who belong to a union for their entire career earn about $1.3M more than their non-union counterparts.
From those aged 20 to 64, those belonging to unions earned around $3.4M compared to $2.1M for non-members.
Men with no college degree who have been in a union for at least half their career can expect around $1.96M by age 65, while those with no college degree and who have never belonged to a union can expect around $1.5M.
On the flip side, people with college degrees who have been in a union for more than half their careers made less – about $2.16M – compared to those with college degrees who have never been in a union at $2.67M.
It’s a debate currently pushed to the forefront as Starbucks workers across the US push to unionize, citing inadequate compensation and unreliable work hours.