Seniority deserves respect, egalitarianism too, as does youth.
The point here is that there are different aspects of respect, different manifestations of the essence. Father's explanation of the three kingships clarifies this. And we should respect the young, they represent the future, the essence, the branches. Just as there are these three aspects of time, there are differing aspects of respect that we should offer to each. Respect for one's contemporary is called honesty, friendship, and respect for the young is called benevolence.