Final answer:
Eligible individuals under the Wage Earner Protection Program Act include workers who are owed wages or severance when a company declares bankruptcy. Pensions may be covered by the Pension Benefit Guarantee Corporation, whereas bank deposits are protected by the FDIC up to $250,000. Workman's compensation assists workers with job-related injuries.
Step-by-step explanation:
Individuals who may be eligible to receive a payment under the Wage Earner Protection Program Act when a company declares bankruptcy typically include workers who are owed wages, severance, or termination pay at the time the bankruptcy occurs. This program aims to provide financial support to employees when their employer is unable to meet these obligations due to insolvency. However, for pension insurance, the specifics can be different. Employers that offer pensions to their retired employees contribute to the Pension Benefit Guarantee Corporation, ensuring that if the company goes bankrupt, the corporation can pay at least some of the pension benefits promised. Similar to this is deposit insurance, where banks contribute to the Federal Deposit Insurance Corporation to protect depositors in the case of bank bankruptcy, guaranteeing deposits up to $250,000. Furthermore, workman's compensation insurance is another form of insurance where employers contribute to state-level funds that assist workers injured on the job.