Is a two-tier wage system fair or unfair

Well, In my opinion it should be unfair, because say you have been working for a company for years, and you go to your job one day, and you see new workers, and your boss approaches you and says, "We have just established a two tier wage system, as such, your pay will be cut". You then find out that the new workers are getting higher pay than you. Personally, I would be pretty mad.

Hope this helps, and sorry if I did not explain this well enough.