A number of studies have been done in both Canada and the U.S. on workers who have lost their jobs. And they show that workers who have a lot of seniority when they lose their jobs are hit hard by wage losses, and that is true of Canada, the U.S. and the U.K.
Often, five years after having lost their job, workers who had a lot of seniority have to deal with a 20% loss in wages. And that has very significant financial consequences for them, even in the medium term.