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Wages Stagnating with Retirement of Boomers
Seniority pays a premium in most careers and Boomers are at the top of the ladder at the moment. Boomers are also retiring and leaving these positions vacant. However, although the positions are being filled, the wages for those positions are not staying the same. The workers taking over for these retiring Boomers are not being paid the same salaries for a number of factors. For one, they do not have the same seniority, the bigger reason is with the recent recession. Wage growth halted with the recession and has just recently entered its recovery period but has not yet hit its pre-recession levels. For more information on this subject, visit this article by Hale Stewart with Seeking Alpha.
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