Hartz 4 inventor founds start-up

The former VW manager and inventor of the Hartz reforms named after him, Peter Hartz, wants to do it again at an advanced age. His idea: working time accounts as an app.

At the age of 81, former VW manager Peter Hartz wants to found a start-up once again, according to Die Welt. The namesake of the labor market reforms that bear his name "Hartz" apparently wants to launch his smartphone app with his company Timefonds next year. The app is intended to allow workers to save up for overtime and vacation.

Testing will be completed by early next year, the company hopes. The market launch is then expected to take place in the second half of 2023, Timefonds AG CEO Colin Altmeyer told Welt. The Saarbrücken-based start-up focuses on so-called working time accounts. Employees are supposed to save a portion of their gross earnings or payouts for overtime and vacation not taken in them.

The start-up has so far been financed by Peter Hartz and his son Michael. Former VW manager Josef Fidelis Senn also joined the company as a shareholder, he said. Other investors, including people from the venture capital industry, are expected to contribute further capital. The company expects a seven-figure investment.