I suspect this issue is a litttle more complex than "some" may wish! Rewarding 'experience' is one thing, however....
It becomes more complex when someone joins at the bottom of a 'seniority' system, perhaps from another organisation, when patently more 'experienced' than people apparently senior to him/her.
Also, the levels of reward (not financial) associated with being 'more senior' may be judged excessive when justified purely on the basis of greater experience.
The new law will only become clear once tested.