Protecting Employees and Retirees in Business Bankruptcies Act of 2024

This bill would strengthen protections for employees and retirees during business bankruptcies by increasing wage priority from $10,000 to $20,000, ensuring severance pay is deemed earned upon layoff, and creating new claims for pension losses. It also restricts how bankrupt companies can modify collective bargaining agreements, requiring court approval for such changes and mandating that purchasers of business assets maintain employee benefits. Additionally, the bill limits executive compensation in bankruptcy by restricting special payments and requiring court approval for certain compensation plans. These changes directly affect employees, retirees, and their representatives in bankruptcy cases, aiming to prevent them from bearing the brunt of business failures while in bankruptcy proceedings.