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Canadians could enjoy a 4-day work week by 2030: Fraser Institute study
CALGARY -- Spending less time working without sacrificing your lifestyle is a real possibility for Canadians in the coming years, according a new Fraser Institute study.
A four-day work week, with shorter workdays, could provide the same standard of living if worker productivity increases, found the study by the independent, public policy think-tank.
“In light of the COVID lockdown, there’s been a lot of talk about a possible four-day work week in Canada,” said senior fellow Steven Globerman, author of Reducing the Workweek Through Improved Productivity.
“To achieve a four-day work week where we actually work fewer hours while at the same time maintaining our current living standards, we need to be more productive.”
Two per cent growth per year from 2018 to 2030 could help Canadians achieve this, according to the study.
At that rate workers would even get a 1.5 per cent raise (cumulative and adjusted for inflation).
The study found it is probable Canada could boost productivity by two per cent in that timeframe.
From 2010 to 2016, productivity in Canada increased by 1.05 per cent per year.
Two per cent annual productivity growth rates were also 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.”