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I promise you one thing, those that are still alive are making bank right now.
Usually at banks, where they easily earn 2x+ of what I do working in Java. I happen to know one IRL, and their meetings with the boss are funny because it doesn't really matter what number they put on the table, their boss cannot fire them. They could not replace them and they need 2+ COBOL devs in house.
i took some cobol, i am very annoyed i did not stick with it. i could have retired by now.
I can concur, I've seen the same thing in real life myself. Definitely a blast watching the employee have the power.