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This article formulates a model for salary determination, which permits the identification of the depreciation rate of the stock of professional qualifications using the 1994 Spanish PHOGUE data referring to salaried males. The depreciation rate of the stock of qualifications is estimated at a narrow interval centred at 1%. Empirical evidence also suggests that although the depreciation rate does not vary according to the level of education, it does so depending on the sector (public-private) in which the professional activity is carried out and on unemployment spells endured by the worker in recent years.
