(WBIR, CNN) How would you like to work only three days a week? That's what one of the world's richest men is suggesting.

Carlos Slim, the Mexican telecom billionaire, recommended a shorter work week at a business conference in Paraguay, according to The Financial Times.

But his idea comes with a catch: the three-day work week would be offset by longer work hours, like perhaps 11 hours a day; and a later retirement age of 70 or 75.

Slim said having four days off would boost productivity and improve quality of life.

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