Job Seniority Boosts Wages by 25%: Key to Earnings and Productivity!
Wages tend to increase as people stay longer in their jobs, supporting the idea of specific human capital. A study using real-life data found that for adult men in the U.S., every 10 years of job experience raises their wages by more than 25%. This means that if a worker were to lose their job suddenly, they would lose out on this increase in pay. The study suggests that building up specific skills and knowledge at a job is crucial for earning more money over time.