Carlos Slim, the 74-year-old Mexican titan and the second richest man in the world, has urged people to work just three days week and have a four-day weekend in order to have more time to relax and to have new ways to be entertained.

In a press conference in Paraguay, Slim said "radical overhaul" is needed to the way how people work.

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"Instead of retiring in 50 or 60, people should take more time and work until 70 or 75," he added.

"Just work three days a week - perhaps 11 hours a day," the billionaire," added.

With a three-day workweek, Slim stated, people will have more time to relax and to have new ways to be entertained and occupied.

Such a move will create healthier and profitable labor force among employees as well as financial productivity, Slim believed.

Slim is the present Chairman of his telecommunication company, Telmex, where he gave his employees a voluntary scheme allowing them to retire before they are 50 while anyone who wants to work beyond retirement will have a load of only four days at full pay.

Meanwhile, the businessman shows no plans of retirement yet.

Slim is the present chief executive of another telecommunication company, America Movil, which is touted as Latin America's largest mobile phone carrier.

His recent plans to break the telecommunication empire, where he will sell 20 percent of its assets to avoid sanctions, stunned the business world in Mexico.

Named as the "Warren Buffet of Mexico," the self-made tycoon owns multiple Mexican companies such as his conglomerate, Grupo Sonborns SAB and SA de CV that ventured fields in communications, airlines, media, technology, real estate, finance and retailing.

Slim, who also heads a mining company named Minera Frisco, was estimated to have his personal net worth around US$80 billion, second only to Bill Gates'.

Tagstelmex, carlos slim, mexican billionaire