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How did Iceland's experiment with the four-day work week turn out?

2024-10-25 22:36:06Biznes SHKRUAR NGA REDAKSIA VOX
How did Iceland's experiment with the four-day work week turn out?
Reykjavik

Iceland's economy is progressing compared to many other European countries thanks to the introduction of a shorter work week without a pay cut, writes CNN .

Between 2020 and 2022, about 51% of workers in the country accepted offers to work fewer hours, including the four-day week.

The study by the Autonomy Institute and the Icelandic organization Alda points out that productivity remained stable or increased in most workplaces, while the well-being of workers improved significantly in the areas of stress, health and work-life balance.

These changes began with two major trials in the public sector from 2015 to 2019, where 2,500 employees, representing more than 1% of the country's workforce, worked 35-36 hours a week for the same pay. The results encouraged Icelandic unions to negotiate shorter hours for thousands of workers.

In 2023, Iceland's economy grew by 5%, ranking second in Europe after Malta and well above the previous average of 2%. However, the International Monetary Fund (IMF) predicts that economic growth will slow this year due to low domestic demand and a decline in tourism.

With an unemployment rate of just 3.4% in 2023, one of the lowest in Europe, Iceland continues to display strong economic vitality.

Four-day week experiments have grown globally, and Iceland's positive results show the potential benefits of such a policy in other countries as well.


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