Pie in the sky?

Work only three days a week and retire late, says Mexican telecoms tycoon Carlos Slim

7th: Carlos Slim, $67.1bn (telecoms). Susana Gonzalez / Bloomberg News

Would you be happy and more productive if you only had to work three days in a week? Carlos Slim, the Mexican telecoms tycoon who is one of the world’s richest men, is calling for a radical overhaul of our work-life balance that would see such a change. Mr Slim also believes that a typical working day should last 11 hours instead of eight and that the retirement age should be increased to 75.

It’s an interesting idea, because it means more people can participate in the workforce. But it only works if the three-day wage is sufficient for people to live on and if older people are not forced to keep working until extreme old age. And the changes will not work if productivity does not increase enough to compensate for the costs associated with having a higher number of employees.

Nevertheless, since many jobs are disappearing altogether, it’s important to look at all proposals that put money into people’s pockets.