Worlds 2ndrichest man suggests 3day work week - KCTV5

Billionaire suggests 3-day work week

Posted: 2014-07-21 10:51:23

Updated: 2014-07-21 15:19:53



NEW YORK (CNNMoney) - Mexican billionaire Carlos Slim is suggesting that workers shift to a three-day work week. The catch: He would require 11-hour work days and workers to stay on the job until age 70 or 75.

The Financial Times reported that in a speech at a conference in Paraguay, Slim advocated a radical change in the typical five-day work week.

"People are going to have to work for more years, until they are 70 or 75, and just work three days a week -- perhaps 11 hours a day," the paper quotes him as saying.

The paper said that workers at Telmex, the telecom company that has made him the world's second richest man by some estimates, now can retire before they are 50 years old in some cases.

But it reported that those eligible for such early retirement are given the option of a four-day work week at full pay upon reaching retirement age.

"With three work days a week, we would have more time to relax; for quality of life," Slim was quoted as saying. "Having four days [off] would be very important to generate new entertainment activities and other ways of being occupied."

Employees in Mexico work more hours than their counterparts in any other country, according to a study by the OECD, an international economic forum. The study shows workers there work 2,317 hours a year, or 44.6 hours a week, compared to an average of 1,798 hours a year in the United States.

For U.S. workers, the 40-hour,. five-day work week became the standard in 1938. Despite gains in productivity and predictions of a significantly shorter work week that would follow, it has remained the standard for more than 75 years.

But while the 40-hour, five-day weeks is most common arrangement for full-time U.S. workers, 29% of employers offer their employees the option of a compressed work week, according to the Society for Human Resource Management. Those employers allow full-time employees to work longer days for part of the week or pay period in exchange for shorter days or a day off each week or pay period.


Article on CNN.com

CNN © 2013 Cable News Network.Turner Broadcasting System, Inc. All Rights Reserved.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Woman killed after shooting at police in St. Joe

    Woman killed after shooting at police in St. Joe

    Monday, October 23 2017 11:28 AM EDT2017-10-23 15:28:01 GMT
    Police say they were called to the area and when they arrived, a man and a woman began to run from the area. (KCTV5)Police say they were called to the area and when they arrived, a man and a woman began to run from the area. (KCTV5)

    Authorities say officers have shot and killed a woman who pulled out a gun and fired at officers outside a St. Joseph bar. It happened at about 6:15 p.m. near 9th Street and Sycamore Avenue.

    More >

    Authorities say officers have shot and killed a woman who pulled out a gun and fired at officers outside a St. Joseph bar. It happened at about 6:15 p.m. near 9th Street and Sycamore Avenue.

    More >
  • One dead following wreck on I-70, 57th Street in KCK

    One dead following wreck on I-70, 57th Street in KCK

    Sunday, October 22 2017 8:00 PM EDT2017-10-23 00:00:14 GMT
    (KCTV5)(KCTV5)
    The Kansas Highway Patrol is investigating a fatality wreck in KCK.  The wreck happened at Interstate 70 and 57th Street. It happened around 5 p.m. on Sunday.  This is a developing story.  Copyright 2017 KCTV (Meredith Corp.) All rights reserved.More >
    The Kansas Highway Patrol is investigating a fatality wreck in KCK.  The wreck happened at Interstate 70 and 57th Street. It happened around 5 p.m. on Sunday.  This is a developing story.  Copyright 2017 KCTV (Meredith Corp.) All rights reserved.More >
  • 19-year-old man found dead on front porch of North Kansas City apartment

    19-year-old man found dead on front porch of North Kansas City apartment

    Monday, October 23 2017 12:45 PM EDT2017-10-23 16:45:23 GMT
    When they arrived, the officers found Zachary Murphy, 19, of Gladstone, MO, dead on the front porch of an apartment building. (KCTV5)When they arrived, the officers found Zachary Murphy, 19, of Gladstone, MO, dead on the front porch of an apartment building. (KCTV5)

    Police in North Kansas City are investigating a homicide after finding a man dead on a porch early Monday morning. The man was found at about 2:46 a.m. in the 2300 block of Oliver Drive.

    More >

    Police in North Kansas City are investigating a homicide after finding a man dead on a porch early Monday morning. The man was found at about 2:46 a.m. in the 2300 block of Oliver Drive.

    More >
Powered by Frankly
KCTV 5 News

Online Public File:
KCTV  KSMO

Powered by WorldNow CNN
All content © 2017, KCTV; Kansas City, MO. (A Meredith Corporation Station) . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.