So then if we were able to offer every kid the same highschool education and loan opportunities for college, that would be perfect equality. Equal opportunity, then it's up to the individual to use it.
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manager still does not work 50 times harder or is 50 times more skilled even if he or she thinks so.
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That's not important, if his labor is 50x more valuable to the success of the company then 1 worker, then he deserves 50x the pay in order to retain him.
Do you honestly think that there are enough individuals who are willing to work and sacrifice more then others for the same pay to fill all spots that would demand that? How do you rationalize telling that person he needs to travel 2 weekends a month when his buddies get to picnic with their families during that same time? How do you convince him to take on responsibilities that could cost him his job if something goes wrong, and how do you compensate him for his extra dedication to the company? A pat on the back and a 'good job, keep it up'?
Also, you are mixing two ideas which are anathema to each other. You say that the reward system would be based on additional respect and prestige. Then you say that all employees must be considered equally valuable. The self-esteem police have rampant power even in our current society, think of what they would be like under your system. I'd bet my life that under your rules anyone asking for additional respect or prestige as their reward would be torn apart as 'classist'. It already happens in socialist systems, just as the canadian doctor in here.