On June 30, the UFCW announced its support for the Protecting Employees and Retirees in Business Bankruptcies Act, introduced by Senator Dick Durbin and Representative Jerrold Nadler. The bill is a response to the increase in employer bankruptcies resulting from the economic downturn caused by COVID-19, and aims to protect the employee retirement benefits endangered by these bankruptcies by improving recoveries and reducing losses for employees and retirees and restricting excessive executive compensation programs.
“America’s 16 million retail workers have been on the front lines of the COVID-19 pandemic from day one, helping ensure that our country’s families have the food and supplies they need,” said UFCW in a statement. “With COVID-19 wreaking havoc on our economy and driving many retailers out of business, we must not forget these brave workers who have kept our communities running during the crisis.”
“This bill protects Americans who lose their jobs when businesses declare bankruptcy, ensuring that these workers receive the pay and benefits they have earned and making clear that these workers should never have to take a back seat to CEO payouts or Wall Street profits,” Perrone added. “With this pandemic forcing thousands of Americans out of jobs every week, we must put workers and families first.”
Additional information about the Protecting Employees and Retirees in Business Bankruptcies Act is available here.
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