Some time ago, I had a chance to chat with the chairman of a securities company who sat next to me at a conference, and one of the subjects we discussed was how much university instructors are being paid.
I said to him: "As you know, the pay scales of professors at national universities are determined under the seniority-based wage system. How much do you think they get in monthly salaries just before they reach retirement age?"
He started mumbling, "Well, one million and ..."
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