Reduced Work Week and Compressed Work Week are a (relatively) new concept that some Annualised Hours Contract workplaces are doing
Reduced: You work 4 days of 7.5 hours, adding up to 30 hours weekly, you get paid the same as if you worked 5 days of 7.5 hours (37.5 hours)
Compressed: You work 4 days of 9.5 hours, adding up to 37.5 hours weekly, you get paid the same as if you worked 5 days of 7.5 hours (37.5 hours)
I do a compressed schedule. The biggest benefit to me is that I commute less. The extra day off is nice, but I often find I don’t do much with it because I am so tired from work.
That and, depending on your commute at the end of the day, may only have enough time to prepare and eat dinner before needing to go to bed.