Hartz 4 inventor founds start-up

The former VW manager and inventor of the Hartz reforms named after him, Peter Hartz, wants to try again in his old 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 will enable employees to save up overtime and vacation.

The company hopes to have completed the tests by the beginning of next year. The market launch is then expected to take place in the second half of 2023, the CEO of Timefonds AG, Colin Altmeyer, told Welt. The Saarbrücken-based start-up focuses on so-called working time accounts. The idea is for employees to save part of their gross earnings or payouts for overtime and unused vacation in these accounts.

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