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Are the concepts of equity and efficiency different? Why or why not?
Early Retirement
The act of leaving one's professional career or occupation before the typical retirement age, often incentivized by employers.
Excess Labour
A situation where the number of workers available exceeds the number of jobs available, often leading to unemployment or underemployment.
Seniority
The concept of prioritizing employees for benefits, promotions, or layoffs based on their length of service or tenure with an organization.
Less Competent Employees
Workers who possess lower levels of skill, knowledge, or ability compared to the expected standard or their peers.
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