One of the world’s richest businessmen is proposing people work longer hours, but fewer days. Could his model work in Australia?
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.
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.
