Billionaire calls for three day work week

by Caitlin Nobes22 Jul 2014
One of the world's richest men is proposing a new work structure that would have people work longer, but take more time off throughout their lives.
According to Mexican telecommunications magnate Carlos Slim, the world needs a "radical change" in the way we approach our working lives.
"This means that people do not retire at 50 or 60 years old," Slim said at a business conference in Uruguay. "People will have to work longer, to 70 or 75 years old, and only work three days a week." 
The concept of retirement comes from the Industrial Revolution, when life expectancy was less than 75 years. Now, people in the developed world regularly live to 86, 90 or beyond and Slim would like to see working life adjust to recognise the change. While many countries are delaying the retirement age to 67, he would like to see the changes go further.
Slim’s company Telemaz is also putting its money where his mouth is. The company recently offered long-tenured employees the option to work well past the traditional retirement age, but on a reduced workload of four days a week.

Would you rather work shorter weeks or retire earlier? 


  • by Keith Warren 22/07/2014 1:24:03 PM

    Having passed the magic age of 60 and being fortunate in being able to work part time, the benefits of the shorter week are enormous.
    However it requires the company to be totally supportive and the organisation to recognise that older staff are a bank of accumulated knowledge and skill. If staff are truly valued, then the benefits to the employer and the employee are magnified.

  • by Dianne 22/07/2014 1:37:16 PM

    Carlos Slim makes a valid point in that organisations should consider the strategic advantages of enabling flexibile work arrangements to accommodate the needs of the changing demographic workforce. Depending on the nature of the business, there are benefits in terms of productivity, staff wellbeing and cost savings associated with offering flexibile work arrangements, regardless of age or personal circumstances. Research shows benefits relating to reduced absenteeism, increased performance outcomes and retention of quality staff. With robust planning and implementation, organisations can reap the benefits of flexible work arrangements.

  • by Cook 23/07/2014 2:34:31 PM

    i thought he was going to suggest working longer hours and working less days. eg. 40hrs over 4 days and 3 days off per week. I like the concept. might start doing just that next week and report back.

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