The study found that wage-tenure profiles in the Netherlands are steep compared to other countries. Older workers have low job-to-job mobility, which is linked to steep wage-tenure profiles. High wage rises beyond wage-scale ceilings contribute to this. Older workers are more negatively affected by displacement due to firm bankruptcy. Employment reduction is the main reason for wage-bill contraction during sales decline. More flexible wages could reduce job losses after shocks. The labor market is segmented, with weaker workers facing more employment adjustments.