The public unemployment insurance program in Sweden is characterized by its governance structure involving union-linked insurance funds, famously known as the Ghent system. This paper argues that the labor unions’ strongly entrenched interest in engaging in the provision of unemployment benefits has continued to shape the establishment and expansion of complementary benefits for the unemployed in multiple forms, while the public unemployment insurance program retrenched during the last three decades. Today, nearly 90 per cent of the Swedish working population is covered by bi-lateral Employment Transition Agreements between employers’ organizations and unions, providing complementary benefits upon unemployment (occupational pillar). Additionally, about half of working population is covered by privately provided income insurance benefits mediated by unions (private pillar). The paper accounts for this multi-pillarization process of the Swedish unemployment benefit provision system by focusing on how the institutional legacies of the Ghent system have continued to exert their influence and consolidate the Ghent logic. This can be contrasted to the other Nordic countries where the Ghent system has weakened during the last two decades, as the insurance funds not linked to the unions started gaining their foothold. The paper also shows that continued and strengthened Ghent logic in the Swedish unemployment benefit provision system has double implications from a distributive point of view. On the one hand, the active role of unions as a collective intermediary between the insurance market and individuals means that the extent of risk privatization is moderated. On the other hand, the pronounced class-segregative aspect in the union organization in Sweden means that the union-led development of the complementary pillars reinforces the differences in risk protection between different occupational groups and sectors, which was an apparent problem already from the initial emergence of voluntary unemployment insurance funds in the late 1890s.