World's richest man urges three-day work week

Mexican telecommunications magnate Carlos Slim. Photo / AP

Mexican billionaire also says people should work 11 hour days until they turn 75.

The world's richest man is calling for a radical overhaul of our work-life balance that would see people at their jobs for just three days a week.

Carlos Slim, the Mexican telecom tycoon worth over US$80 billion ($101 billion), also believes people the typical working day should last 11 hours instead of eight and that the retirement age should be increased to 75.

"You should have more time for you during all of your life - not when you're 65 and retired," he told CNNMoney.

The 74-year-old billionaire first raised the idea at a conference in Paraguay during the summer when he called for "a radical overhaul" in people's working lives.

He believes the concept would not only re-invigorate how we live, but be positive for the economy and financial markets.

"With three work days a week, we would have more time to relax; for quality of life," he said.

"Having four days [off] would be very important to generate new entertainment activities and other ways of being occupied," he told the conference.

While machines should operate 24 hours a day and services should work as much as possible, Slim said people deserve more time for entertainment, family and to train for better jobs.

Carlos Slim. Photo / AFP

"It's a society of knowledge and experience. You have better experience and knowledge when you are 60, 65 and 70," he said.

Slim wasn't clear if wages should stay the same or decrease to reflect less time on the job.

He declined to throw his weight behind recent calls for workers to get paid higher wages though.

He conceded prices may have grown faster than wages, but he believes salaries will rise along with stronger growth, increased productivity and technological advances.

"I am sure it will happen," said Slim, although he conceded he's not exactly sure when.

To a certain degree, Slim has been applying this train of thought to his own businesses for years.

Slim's phone company Telmex has implemented a system where workers on a collective labour contract who joined the company in their late teens can retire before they reach 50, and can continue to work for full pay four days per week.

Slim also applies this philosophy to his own work life and is still active as a businessman at 74.

He also maintains a life full of hobbies, such as art collecting. He opened the Museo Soumaya, an art museum dedicated to both his love for art and religious relics as well as the memory of his late wife, Soumaya Domit.

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