In October 2022, a new employment protection regulation, often seen as a core aspect of the Swedish model of industrial relations, was implemented in Sweden. While the debate around the new regulation was heated, one interesting omission was that, in the unions’ advocacy for maintaining various forms of labour market security, the racialised labour market was never discussed, despite a strong racially segmented labour market with varying working conditions. In this article we explore how three white, male-dominated trade unions representing employees in different class locations positioned themselves around the change in the new Employment Act. Inspired by contributions on racial capitalism, we unravel how trade unions take part in the contestation over industrial relations in a context in which neoliberal and ethnoracial policies are growing. Using the ‘Swedish model’ as an ‘empty signifier’ – highly variable in meaning, hence contestable – we find that the unions advance three different positions on employment protection regulation: flexible, skilled and protective, and in doing so contribute to the self-racialisation of white male workers in working life.