Complex sentence: They also believe that society works in a meritocratic system: that people work for what they achieve, and achieve what they deserve, according to their own merit and effort, i.e., they work hard to get the best jobs in later life.
Split into simpler sentences: They also believe that society works in a meritocratic system: that people work for what they achieve, and achieve what they deserve, according to their own merit and effort. Ie, they work hard to get the best jobs in later life.