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Part-time work – why it can become a trap

What Dr. Dr. Money says
Supermarktangestellte schauen auf ein Regal
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Part-time work - why it can become a trap
Working less and having more time to live sounds good at first. However, many people don't realize until it's too late what a catch this working model can have.

Tempting: more time for private life

Imagine you can go home at 1 pm while the others carry on until 5 pm. Sounds great, doesn't it? That leaves you more time for what else interests you or brings you joy. For example (later) having your own family. In Austria, more than 1.2 million people work part-time, which is almost 30% of the total workforce. While normal working hours are 40 hours per week (38.5 hours in some sectors), anything less is considered part-time.

Part-time work is female

Almost half of all working women work part-time. This is rarely because of their hobbies, but mostly because of their children. For many women, family and career can only be reconciled part-time. However, many simply want to spend more time with their children.

Why “trap”?

The benefits of part-time work come at a high price. Here are the three main possible negative consequences of part-time work:
Less income
Those who work fewer hours also earn less than their full-time colleagues. Money can be tight, especially if you suddenly find yourself as a single parent.
Fewer opportunities for promotion
Part-time employees are often passed over for promotion. Although there are also part-time managers, they are still an exception.
Less pension - from part-time to poverty in old age
The most important argument against part-time work is the risk of poverty in old age. Those who earn less also pay less into the pension system - and get less out in retirement. For many, the pension is not enough to live on.
Special case of parental part-time work
Young mothers and fathers are legally entitled (under certain conditions) to take part-time parental leave to look after their child. Part-time parental leave protects you from dismissal and redundancy. More information from the Chamber of Labor: https://www.arbeiterkammer.at/elternteilzeit

How much part-time work can you afford?

There is nothing wrong with working part-time for a while - or even for life. The important thing is to be aware of the possible consequences and factor them into your life planning. As a first step, you need to know how much money you need to live on, whether you can earn this amount with fewer hours and whether you have enough money left over for retirement. Find out how the reduced salary will affect your pension and whether you will still be able to stand on your own two feet with this money.
Sources:
http://statistik.at/web_de/statistiken/menschen_und_gesellschaft/arbeitsmarkt/arbeitszeit/teilzeitarbeit_teilzeitquote/index https://www2.deloitte.com/at/de/seiten/press-release/deloitte-studie-frauen-und-fuehrung
Part-time work – why it can become a trap

What Dr. Dr. Money says

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FAQ

Part-time work offers more time for private interests, family or relaxation. For parents in particular, it can be a way to better reconcile work and childcare. In Austria, a particularly large number of women work part-time, often for family reasons.
Part-time work usually means less income, which can become a financial burden in everyday life and especially in the event of sudden changes such as separation or single parenthood. In addition, part-time workers often have fewer opportunities for promotion and pay less into the pension scheme, which can lead to a lower pension later on.
Parental part-time work is a legally regulated model that enables young mothers and fathers to reduce their working hours in order to spend more time with their child. During this time, there is special protection against dismissal. More detailed information is available from the Chamber of Labor.
Before you decide to work part-time, you should calculate how much money you need to live on and whether your part-time salary is enough. It’s also important to think long-term: will your income be enough for your retirement provision now and in the future?
No, part-time work can be a good solution – temporarily or permanently. It is important to be aware of the possible financial and professional consequences and to include these in your own life planning.

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