Protecting Employees and Retirees in Business Bankruptcies Act of 2024

The Protecting Employees and Retirees in Business Bankruptcies Act of 2024 strengthens worker and retiree protections during business bankruptcies by raising the priority for wage claims from $10,000 to $20,000, creating new claims for lost pension and retirement benefits, and requiring courts to prioritize job preservation in asset sales. The bill restricts bankrupt companies from modifying or rejecting collective bargaining agreements without meeting specific criteria, limits executive compensation upon exit from bankruptcy, and establishes mechanisms to recover excessive executive payments made before bankruptcy. It ensures severance pay is deemed earned upon layoff, prioritizes WARN Act damages, and creates new requirements for preserving retiree benefits and maintaining employee benefits during bankruptcy proceedings. The legislation focuses on ensuring bankruptcy proceedings prioritize the financial security of workers and retirees over executive compensation and other considerations.