Carlos Slim

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The 2008 financial collapse was a tipping point for most workers in countries transitioning from Industrial to Information economies. Jobs have returned to a good extent, but the wages and conditions have, at best, flatlined. As we move deeper into an age of automation and one in which gigantic companies need software but few FT workers (e.g., Uber), living has become difficult for many and retirement off the table. 

In a Financial Time article, Michael Skapinker considers five possible future scenarios in a world where the whistle never blows, the workday never truly ends. An excerpt: 

Companies go for the Carlos Slim option. In 2014, the Mexican telecoms magnate, said that, instead of retiring, older workers should cut back to three days a week.

Everyone gains. The company holds on to older workers’ skills while cutting the cost of employing them. The workers have more leisure.

This scenario appears to have more to recommend it than any other, although it does depend on older workers being able to afford the reduction in working hours.

Older people working shorter weeks could step back from senior positions. They could also do different jobs for the company.

The Financial Times reported this week on a former manager at Nissan in Sunderland, in the north-east of England who, at 67, conducts tours of the plant. He does not work for Nissan. He has retired and works for an outside agency that runs the tours.•

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Like a lot of super-rich people, Carlos Slim rearranges the world as he sees fit in his head–and sometimes in reality. I’ve previously posted about his idea for a 3-day work week. A little more on the topic from Matt Egan at CNNMoney:

Carlos Slim, the Mexican telecom tycoon worth over $80 billion, believes life would be better with a three-day work 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.

But if Slim had his way, people would also work longer days and much later in life. He suggested 11-hour shifts and pushing the retirement age to 75.

Slim raised eyebrows over the summer by calling for a three-day work week, but he doubled down on that proposal on Tuesday.

“I am sure it will happen,” the 74-year-old told CNNMoney, though he conceded he’s not sure when.•

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Carlos Slim, who enjoys cable, thinks people should work 33 hours a week but compress their labor into just three days. Not so much because of automaton making jobs scarce but for quality-of-life reasons. From Jude Webber at the Financial Times:

“We’ve got it all wrong, says Carlos Slim, the Mexican telecoms tycoon and world’s second-richest man: we should be working only three days a week.

Attending a business conference in Paraguay, Mr Slim said it was time for a ‘radical overhaul’ of people’s working lives. Instead of being able to retire at 50 or 60, he says, we should work until we are older – but take more time off as we do so.

‘People are going to have to work for more years, until they are 70 or 75, and just work three days a week – perhaps 11 hours a day,’ he told the conference, according to Paraguay.com news agency.

‘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.’

The 74-year-old self-made magnate believes that such a move would generate a healthier and more productive labour force, while tackling financial challenges linked to longevity.”

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As the telephone first became popular in America, rural communities were often left behind. The expense of putting up lines that would serve so few just wasn’t cost-effective initially, similar to the high-speed broadband problem today. So some farming villages formed collectives and put up their own lines and improvised mini-companies dotted the countryside. Some small Mexican villages are in a similar situation now with mobile. Carlos Slim seems to have forgotten them so they’ve created their own service, which is far cheaper than his. From Subodh Varmathe of the Times of India:

“After being ignored by a company owned by the world’s richest man Carlos Slim, a tiny Mexican village has developed its own mobile network with international connections. The local service costs 15 pesos ($1.2) per month-13 times cheaper than a big firm’s basic plan in Mexico City, AFP reports.

The village of Villa Talea de Castro, dotted with small pink and yellow homes, has a population of 2,500 indigenous people. Tucked away in a lush forest in the southern state of Oaxaca, it was not seen as a profitable market for companies such as Slim’s America Movil. The company wanted at least 10,000 subscribers to bring the village into its mobile coverage, AFP said.

So the village, under an initiative launched by indigenous groups, civil organizations and universities, put up an antenna on a rooftop, installed radio and computer equipment, and created its own micro provider called Red Celular de Talea (RCT) this year.

Calls to the United States, where many of the indigenous Zapoteco resident have migrated, charge a few pennies per minute.”

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