Iceland's Economy Thrives with Shorter Workweek

• 📈Economic Growth — Iceland's economy has experienced significant growth since implementing a shorter workweek, with a growth rate of approximately 4.1% in 2023.
• 💼Employment Rates — The unemployment rate in Iceland is one of the lowest in Europe, standing at 3.6% in 2023, indicating a strong job market.
• 🕒Workweek Reduction — Between 2020 and 2022, 51% of Icelandic workers adopted a shorter workweek, including a four-day workweek, without a reduction in pay.
• 😊Worker Satisfaction — A large majority of Icelandic workers reported increased satisfaction with their working hours, with 97% finding it easier to balance work and private life.
• 🏆Productivity — Despite reduced hours, productivity in Iceland remained stable or improved, contributing to the country's economic success.

Implementation Details

• 🗓️Trial Periods — Iceland conducted two major trials between 2015 and 2019, reducing public sector work hours to 35-36 per week.
• 🔄Nationwide Adoption — Following successful trials, the shorter workweek was widely adopted across the country from 2020 to 2022.
• 💰No Pay Reduction — The reduction in work hours did not come with a decrease in pay, maintaining financial stability for workers.
• 📊Research Support — Studies by the Autonomy Institute and Alda supported the positive outcomes of the shorter workweek.
• 👥Union Involvement — Icelandic unions played a significant role in negotiating reduced hours for many workers.

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Economic Indicators

• 📊Growth Rate — Iceland's economy grew by 5% in 2023, surpassing many European nations.
• 📉Unemployment — The unemployment rate was 3.4% in 2023, significantly lower than the European average.
• 💪Economic Resilience — Despite global challenges, Iceland's economy remained robust, partly due to the shorter workweek.
• 🌍European Comparison — Iceland's economic performance outpaced most of its European peers during the same period.
• 📈Long-term Trends — The shorter workweek contributed to a shift in economic trends, emphasizing sustainable growth.

Worker Well-being

• 😊Satisfaction Levels — 78% of workers reported satisfaction with their working hours after the reduction.
• 🏠Work-Life Balance — 97% of workers found it easier to balance work with personal life under the new schedule.
• 🧘Stress Reduction — 42% of workers experienced decreased stress in their private lives due to shorter work hours.
• 💪Health Benefits — The reduction in work hours led to improvements in health and reduced burnout among workers.
• 📈Productivity Gains — Despite initial concerns, productivity remained stable or improved in most sectors.