＜prologue＞
I started a blog called “The Baby Boomer Generation’s Miscellaneous Blog”（Dankai-sedai no garakutatyou:団塊世代の我楽多（がらくた）帳） in July 2018, about a year before I fully retired. More than six years have passed since then, and the number of articles has increased considerably.
So, in order to make them accessible to people who don’t understand Japanese, I decided to translate my past articles into English and publish them.
It may sound a bit exaggerated, but I would like to make this my life’s work.
It should be noted that haiku and waka （Japanese short fixed form poems） are quite difficult to translate into English, so some parts are written in Japanese.
If you are interested in haiku or waka and would like to know more, please read introductory or specialized books on haiku or waka written in English.
I also write many articles about the Japanese language. I would be happy if these inspire more people to want to learn Japanese.
my blog’s URL:団塊世代の我楽多（がらくた）帳 | 団塊世代が雑学や面白い話を発信しています
my X’s URL:団塊世代の我楽多帳（@historia49) on X
On October 6, 2020, megabank Mizuho Financial Group revealed that it is considering introducing a three- or four-day work week from December of this year.
This issue is not limited to one financial group, and could potentially spread to other megabank groups, and is also a concern for depositors and business partners.
So, in this article, we will consider the pros and cons of introducing a three- or four-day work week.
1. What is Mizuho Financial Group’s “3-Day/4-Day Work Week”?
(1) Overview of the System
① The system is only available to employees who wish to participate.
Applicable to approximately 45,000 full-time employees at six companies: Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research Institute, and Mizuho Information & Research Institute.
② Base salary will also be reduced as the number of days off per week increases.
This is expected to be approximately 80% for a 3-day work week and approximately 60% for a 4-day work week.
③ Labor union agreement is required.
Note that even after using the 3-day/4-day work week, employees can return to a 2-day work week if they wish.
(2) Purpose of Introduction
According to Mizuho Financial Group, the purpose of introducing this system is as follows:
The company hopes that employees will use their days off to improve themselves and their skills. It is also part of the promotion of flexible working styles to accommodate caregiving, childcare, and other needs.
(3) Background to its Introduction
However, in reality, the aim appears to be to “control labor costs” and “encourage employees to pursue side jobs.” The Bank of Japan’s prolonged negative interest rate policy has made it difficult for financial institutions to earn interest margins on their total loans. The rise of start-ups offering financial services from other industries has also put financial institutions under pressure.
A cynical view could be seen as an attempt to achieve “effective restructuring” through the introduction of a three- or four-day workweek, given the difficulty of implementing restructuring measures such as layoffs and encouraging employees to resign.
2. Advantages and Disadvantages of Introducing a “Three- or Four-Day Work Week”
(1) Advantages
① Employees can work more flexibly, balancing caregiving and childcare responsibilities.
② Employees considering a second job can more easily start their own businesses.
③ Employees can study at graduate school or business school while working.
④ By accepting diverse work styles, employees can be more motivated and retain talented personnel.
(2) Disadvantages
① Even with a second job, it is difficult to earn the same level of income as before.
As of 2020, the average annual salary at Mizuho Bank was 7.35 million yen (average age 38.2 years). A simple calculation shows that with a three-day work week, the annual salary would be 5.88 million yen, and with a four-day work week, it would be 4.41 million yen.
If you are working a second job, you will need to consistently earn between 30,000 and 40,000 yen per day in order to earn the same level of income as before.
② Effective restructuring
③ It could have a negative impact on employee career advancement.
④ Covering for employees on a three- or four-day workweek increases the burden on employees on a two-day workweek.
⑤ It could hinder employee communication and communication among employees.
⑥ For depositors and business partners, frequent absences from work can make consultations and meetings less smooth.
Looking at it this way, it seems to me that the drawbacks outweigh the benefits. Will this system actually take root and be effective? I’ll continue to monitor it.