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Wage Inversion
A scenario where newer employees receive higher wages than their more experienced counterparts, often due to market demand or inflation.
Y2K Problem
Refers to a widespread computer bug that was predicted to cause systems to fail at the turn of the millennium because many programs represented years with only two digits.
Wage-Rate Compression
A situation where the differences in pay between different jobs or levels of responsibility decrease, often due to external pressures on wages or internal equity concerns.
Employment Standards
Regulations that define the minimum terms of employment, including hours, pay, leave entitlements, and working conditions.
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