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Four-day work week possible by 2030 without sacrificing income

work from home 5
Working from home. (via File photo)

A new study by the Fraser Institute indicates a four-day workweek could work in Canada.

Fraser Institute senior fellow Steven Globerman says a four-day workweek is possible and Canadians don't necessarily have to sacrifice their current standard of living.

“In light of the COVID lockdown, there’s been a lot of talk about a possible four-day workweek in Canada, but to achieve a four-day workweek where we actually work fewer hours while at the same time maintaining our current living standards, we need to be more productive,” says Globerman.

The key according to Globerman is that productivity has to increase by two per cent for the next ten years.

"In fact, with two per cent productivity growth per year, workers would even enjoy an inflation-adjusted cumulative 1.5 per cent increase in income," says Globerman.

The study shows that from 2010 to 2016, productivity in Canada increased by 1.05 per cent per year, but looking back, two per cent annual productivity growth rates were common in earlier decades.

“If governments pursue policies that encourage entrepreneurship and innovation, worker productivity will rise and Canadians will be able to enjoy more leisure time,” Globerman said.