That sounds like an exceptionally fair compensation system to be honest.
It’s also going to be another disincentive to migration. A specialist with 20 years in a field isn’t going to move there with their whole family and take a new job for graduate money.
I guess one has to see enough really hard working highly educated intelligent young people in a place that also houses slacking geezers who managed to learn nothing over decades. They are basically sitting there waiting for others to earn their living. If it is a national thing you wont have the endless flow of new hires who cant wait to get the f out of there.