Allowing inheritance from one generation to another is an immediate disqualifier for meritocracy as well. As is the existence of private schooling bought with money.
Inheritance has nothing to do with meritocracy. One can argue about whether or how much inheritance should be taxed -- but that's a wholly separate, topic.
Hiring, raises, and promotions should not be based on skin color, eye color, gender, or other immutable traits. In a meritocracy, these are instead determined _solely_ by how provably capable a person is (per Dr. Martin Luther King Jr.'s prescription).
In fact, Meritocracy _would_ explicitly reject the idea of "inheriting" a job (as is done in orgs with nepotism), so I'm confused as to what your point is.