[leonhard]

This basically exists in Austria as “Altersteilzeit” [0] (“old age part time”). You even get 50% of your loss of income back through social security. So e.g. when reducing work by 40% you still get 80% of your salary. I’m guessing this is to incentivise employers to keep people near retirement employed as it would be much more expensive for the state to finance them if they were unemployed.

[0] https://www.oesterreich.gv.at/de/themen/arbeit_beruf_und_pen... (only in German unfortunately)