Tell your Members of Congress to Co-Sponsor the Protecting Employees and Retirees in Business Bankruptcies Act of 2020
Jul 31, 2020
If enacted, this legislation would prohibit businesses from altering airline employee collective bargaining agreements through the bankruptcy process that has for far too long been a golden parachute for executives when companies fail. Congress never intended for the current law to work this way. Because of this misapplication of the law, airlines have been able to use the courts to squeeze billions in wage and benefit reductions, dissolve nearly every defined-benefit pension plan, and in some cases dictate 50 percent pay cuts and seven-year contracts to cement long-term employee losses. Following 9/11, pilots made enormous financial sacrifices to help save their airlines, only to have tens of billions of dollars taken in pension and health care.
The Protecting Employees and Retirees in Business Bankruptcies Act of 2020 restores equity to the bankruptcy code by prioritizing collective bargaining and shared sacrifice over one-sided and exploitive corporate behavior. Engage with your Members of Congress today!
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