People in Austria work less and less time, but are more productive. This is evident from an analysis by Bank Austria. According to this, the average working time per capita has fallen by eleven percent since 1995. At the same time, productivity increased by more than a third.
This development can be observed throughout the euro area. The average annual working time in the euro area has fallen by six percent or 90 hours per person. Productivity increased by an average of a quarter. “Austria has shown an above-average productivity increase of about 35 percent since 1995, which is also higher than Germany’s main trading partner,” said Bank Austria economist Walter Puschedl. The gross added value per hour worked amounted to almost 70 euros last year.
However, this added value could be even greater if working hours had fallen less. Compared to 1995, there are now almost twice as many part-time workers. In Austria there were almost 1.3 million last year. That is an increase of almost 170 percent. Only Malta, Luxembourg, Spain and Italy are even more dynamic. There is part-time work if the average weekly working time is shorter than the statutory normal working time of 40 hours or a shorter normal weekly working time as laid down in a collective labor agreement. For example, this could be 35 or 15 hours a week.
Work time shortened further
In Austria, short-time work in the previous year reduced potentially achievable gross value added by 12.5 percent. “The decline in working hours per capita is likely to continue in the coming years,” predicts Stefan Bruckbauer, chief economist at Bank Austria. According to him, suggestions are needed to increase employment, increase productivity and create new innovations.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
