One of the world’s richest men wants a three-day work week

The world’s second-richest man, Carlos Slim, thinks life would be better with a three-day work week.

At a business conference in Paraguay, the billionaire said it was time for a “radical overhaul” in the way people work, the Financial Times reports. Slim also said that people should only work three days a week.

“You should have more time for you during all of your life — not when you’re 65 and retired,” Slim told CNNMoney’s Christine Romans on Tuesday.

SEE ALSO: Carlos Slim helping Latino immigrants in the US

The entrepreneur believes the concept would not only revitalize 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. having four days off would be very important to generate new entertainment activities and other ways of being occupied.”

“I am sure it will happen,” said Slim, although he conceded he’s not exactly sure when.

Other business leaders, such as Google CEO Larry Page, have also backed a shorter work week, noting: “Most people like working, but they’d also like to have more time with their family or to pursue their own interests.”

But here’s the catch: In exchange for working fewer days a week, we should work for more of our lives. Instead of retiring at 50 or 60, workers should retire at the age of 70 or 75  and work 11-hour shifts, the mogul said.

For U.S. workers, the 40-hour, five-day work week became the standard in 1938. There have been no reductions in the average U.S. work week in the more than sixty years since the Fair Labor Standards Act was passed.

SEE ALSO: Bill Gates overtakes Carlos Slim as richest man in the world