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Small businesses are doing this as well (where I learned COBOL). Having experienced it, I do not feel there's really anything wrong with COBOL itself. The language is verbose and relatively straightforward, however it requires a different approach from what most people are used to.

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Is it true that just for knowing the language you are getting compensated much better? How easy is the job market?

It might not always be the case. Hiring young people and teaching them Cobol (or whatever) without paying large amounts upfront might be also a viable business practice, ie. think about it as an entry level job. All depends on requirements, clients, etc.

This is how I learned. The team I was on consisted of several entry-level people who were taught COBOL. After a couple years or so most of us have moved on to better compensated positions at other companies.

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