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LSDefine
Simple English definitions for legal terms
joint welfare fund
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A quick definition of joint welfare fund:
A joint welfare fund is a special pot of money that is set up by a group of people who work together, like a union. The money is used to help pay for things like healthcare and other benefits for the workers. The fund is managed by both the workers and their bosses.A more thorough explanation:
A joint welfare fund is a type of fund that is established through collective bargaining to provide health and welfare benefits to union employees. This fund is managed jointly by representatives from both labor and management.
For example, a union and a company may negotiate a contract that includes a joint welfare fund to provide healthcare benefits to union employees. The fund would be managed by representatives from the union and the company, and the money would be used to pay for healthcare expenses for eligible employees.
This type of fund is important because it allows unions to negotiate for better benefits for their members, and it ensures that employees have access to healthcare and other welfare benefits.