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Japan has traditionally had the employment system typified by a “lifetime” employment relationship between employee and employer and salaries which are based on length of service with the employer—starting low, increasing speedily after age 50, and featuring (in addition to a pension) a retirement bonus equal to three years of salary. One recent news article on this system stated, “From the perspective of the individual incentives, responsibility and performance, it is inefficient and inequitable; exceptional work is unrewarded.”

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Macroeconomics, Economics

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