Plenty of companies used to offer things like that even when times were good, as part of a flexible benefits package.

They might be motivated to reduce expenses, but it doesn't really matter for you what their motive is. Whether the offer is compelling or beneficial to you depends on what you value, not what their motive is.

If you have plenty of money, but could use more free time, you might take it up. But if you're stretched financially, you probably won't.

It all depends on your situation. Some people have plenty of savings, and are glad of the chance for an extended vacation. Others are maybe going to school part-time, and would be happy to take some extra time off work to catch up with their studies. But other people need all the income they can get right now.

One attraction for a company of making an offer like that is they get to keep more people happy, as the savings are made with the people that are happiest to work less.

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