Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Bernie Sanders moves to reduce work hours for millions of Americans By: FOX Business March 14, 2024 at 07:31 AM EDT Vermont Senator Bernie Sanders, an independent, has put forward a plan to create a four-day workweek in the U.S. that he claims won't reduce pay or benefits. Vermont Senator Bernie Sanders has unveiled a plan that would create a 32-hour workweek with no loss of pay.The independent lawmaker, chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP) and a self-described democratic socialist, said his bill to establish a four-day workweek is not radical and would lead to a better quality of life for millions of Americans."Moving to a 32-hour workweek with no loss of pay is not a radical idea," Sanders said in a press release. "Today, American workers are over 400 percent more productive than they were in the 1940s. And yet, millions of Americans are working longer hours for lower wages than they were decades ago. That has got to change."Sanders' bill, titled the Thirty-Two Hour Workweek Act, would reduce the standard workweek from 40 hours to 32 hours over four years by lowering the threshold for overtime pay for non-exempt employees. MORE THAN 60 COMPANIES TRIED A FOUR-DAY WORK WEEK AND RESULTS SHOW WHY 92% ARE KEEPING ITThe legislation would require overtime compensation at time and a half for workdays longer than eight hours, and overtime pay at double a worker's regular pay for workdays longer than 12 hours. It also contains language that would protect workers' pay and benefits to ensure the shorter workweek does not result in reduced income. There has been a growing push for a four-day workweek among lawmakers, business leaders and academics in the U.S., though critics have questioned the costs and benefits that face employers.Sanders argued in a fact-sheet that several European countries have already reduced work hours and seen benefits. France has a 35-hour workweek and there is movement there to reduce it to 32 hours. Norway and Denmark each have a 37-hour workweek. IS THE US READY FOR A FOUR-DAY WORK WEEK?4 Day Week Global, a nonprofit group that supports Sanders' legislation, conducted a study last year in which several companies signed up for a pilot program to test a four day workweek over six months. The pilot program found most participating companies experienced a general increase in revenue and productivity and won't go back to a traditional five-day work week."This bill underscores the escalating trend towards diminishing work hours," said Dr. Dale Whelehan, CEO of 4 Day Week Global. "Increasing evidence firmly supports that reducing working hours yields beneficial outcomes for businesses, individuals, and the broader community." But critics have warned that not every company can afford to reduce work hours while maintaining the same level of wages. FOUR-DAY WORKWEEK IS ‘BACKWARDS’ ECONOMICS, EXPERT STRATEGIST CLAIMS"Companies need to produce the same level of work, so they may need to hire and train more people," said Mary Elizabeth Elkordy, founder of the remote-based company Elkordy Global Strategies, in a previous interview with Fox News Digital. Elkordy explained a four-day work week could work well for some businesses in certain areas, especially those with long or unconventional hours such as nurses or firefighters, but questioned its practicality in service-based industries where pay is directly tied to a person's time and output. CLICK HERE TO GET THE FOX BUSINESS APPHowever, Sanders said recent technological developments, including productivity gains led by artificial intelligence, have paved the way to reduce work hours for millions of Americans. "The financial gains from the major advancements in artificial intelligence, automation, and new technology must benefit the working class, not just corporate CEOs and wealthy stockholders on Wall Street," Sanders said. "It is time to reduce the stress level in our country and allow Americans to enjoy a better quality of life. It is time for a 32-hour workweek with no loss in pay."Fox News Digital's Aaron Kliegman contributed to this report. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Bernie Sanders moves to reduce work hours for millions of Americans By: FOX Business March 14, 2024 at 07:31 AM EDT Vermont Senator Bernie Sanders, an independent, has put forward a plan to create a four-day workweek in the U.S. that he claims won't reduce pay or benefits. Vermont Senator Bernie Sanders has unveiled a plan that would create a 32-hour workweek with no loss of pay.The independent lawmaker, chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP) and a self-described democratic socialist, said his bill to establish a four-day workweek is not radical and would lead to a better quality of life for millions of Americans."Moving to a 32-hour workweek with no loss of pay is not a radical idea," Sanders said in a press release. "Today, American workers are over 400 percent more productive than they were in the 1940s. And yet, millions of Americans are working longer hours for lower wages than they were decades ago. That has got to change."Sanders' bill, titled the Thirty-Two Hour Workweek Act, would reduce the standard workweek from 40 hours to 32 hours over four years by lowering the threshold for overtime pay for non-exempt employees. MORE THAN 60 COMPANIES TRIED A FOUR-DAY WORK WEEK AND RESULTS SHOW WHY 92% ARE KEEPING ITThe legislation would require overtime compensation at time and a half for workdays longer than eight hours, and overtime pay at double a worker's regular pay for workdays longer than 12 hours. It also contains language that would protect workers' pay and benefits to ensure the shorter workweek does not result in reduced income. There has been a growing push for a four-day workweek among lawmakers, business leaders and academics in the U.S., though critics have questioned the costs and benefits that face employers.Sanders argued in a fact-sheet that several European countries have already reduced work hours and seen benefits. France has a 35-hour workweek and there is movement there to reduce it to 32 hours. Norway and Denmark each have a 37-hour workweek. IS THE US READY FOR A FOUR-DAY WORK WEEK?4 Day Week Global, a nonprofit group that supports Sanders' legislation, conducted a study last year in which several companies signed up for a pilot program to test a four day workweek over six months. The pilot program found most participating companies experienced a general increase in revenue and productivity and won't go back to a traditional five-day work week."This bill underscores the escalating trend towards diminishing work hours," said Dr. Dale Whelehan, CEO of 4 Day Week Global. "Increasing evidence firmly supports that reducing working hours yields beneficial outcomes for businesses, individuals, and the broader community." But critics have warned that not every company can afford to reduce work hours while maintaining the same level of wages. FOUR-DAY WORKWEEK IS ‘BACKWARDS’ ECONOMICS, EXPERT STRATEGIST CLAIMS"Companies need to produce the same level of work, so they may need to hire and train more people," said Mary Elizabeth Elkordy, founder of the remote-based company Elkordy Global Strategies, in a previous interview with Fox News Digital. Elkordy explained a four-day work week could work well for some businesses in certain areas, especially those with long or unconventional hours such as nurses or firefighters, but questioned its practicality in service-based industries where pay is directly tied to a person's time and output. CLICK HERE TO GET THE FOX BUSINESS APPHowever, Sanders said recent technological developments, including productivity gains led by artificial intelligence, have paved the way to reduce work hours for millions of Americans. "The financial gains from the major advancements in artificial intelligence, automation, and new technology must benefit the working class, not just corporate CEOs and wealthy stockholders on Wall Street," Sanders said. "It is time to reduce the stress level in our country and allow Americans to enjoy a better quality of life. It is time for a 32-hour workweek with no loss in pay."Fox News Digital's Aaron Kliegman contributed to this report.