NEW YORK (CBSNewYork) – New York may be the city that never sleeps, but the second richest man in the world thinks more time to rest is just what the doctor ordered.

According to a report in the Financial Times, billionaire Carlos Slim told a business conference in Paraguay it was time for a radical overhaul of people’s working lives.

Slim suggested people work only three days a week, but the shorter workweek would come with a catch.

Working fewer days a week would require working longer — perhaps 11 hours a day — and moving the retirement age back to 70 or 75.

Slim suggested having four days off a week would boost productivity and improve quality of life.

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