The older generation benefited from decades of rock-solid job protection, union-guaranteed salary increases and the promise of a comfortable retirement. All this has allowed them to weather Europes longest postwar crisis reasonably well.

By contrast, many younger Europeans can hope for little more than poorly paid, short-term contracts that often open a lifelong earnings gap they may never close. Employers in many countries are reluctant to hire on permanent contracts because of rigid labor rules and sky-high payroll taxes that go to funding the huge pension bill of their parents.

The wages of fairness.

via In Europe, Job Protections for Older Generation Are Barriers for Younger Workers – WSJ.

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