Tags: Slim | day | workweek | retire

Carlos Slim: 'I'm Sure' 3-Day Workweek 'Will Happen'

By    |   Thursday, 09 October 2014 08:47 AM

Mexican telecommunications mogul Carlos Slim, the richest man in the world, with a family net worth of $82 billion, according to Forbes, has some interesting ideas on work.

On one hand, he believes we should only toil three days per week. "I am sure it will happen," he told CNNMoney. "You should have more time for you during all of your life, not when you're 65 and retired."

People should be able to devote more time to family, leisure activities and training for better jobs, Slim said. It's "machines [that] should work 24 hours and services [that] should work as much as possible."

On the other hand, though, he thinks we should work 11-hour shifts, and that the retirement age should be raised to 75. Slim is 74.

The economy would benefit from older workers, he noted. "It's a society of knowledge and experience. You have better experience and knowledge when you are 60, 65 and 70."

Meanwhile, Slim sees global central bank easing as a boon for investors, though that's not necessarily a good thing.

"Low interest rates are a big opportunity for investment. But the issue is that this money should go to the real economy, not the financial economy," he argued.

A big question for investors and the economy is when the Federal Reserve will begin raising rates. The consensus appears to be the middle of next year.

But after the Fed minutes from the latest meeting showed that Fed policymakers are concerned about the threat to the U.S. economy of a global slowdown and a stronger dollar, some wondered if the Fed will wait longer.

"This is dovish with capital letters from beginning to end," Ward McCarthy, chief financial economist at Jefferies Group, told Bloomberg.

"Not only are they not ready to raise rates, they don't even want people to think they're ready to raise rates, so it's not even on the radar screen."

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Mexican telecommunications mogul Carlos Slim, the richest man in the world, with a family net worth of $82 billion, according to Forbes, has some interesting ideas on work.
Slim, day, workweek, retire
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2014-47-09
Thursday, 09 October 2014 08:47 AM
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