Doesn't that same arrangement work out if you're paid hourly? 45 one week has 5 extra (actually 7.5) hours, so the next slow week you can elect to work only 32.

Doesn't that same arrangement work out if you're paid hourly? 45 one week has 5 extra (actually 7.5) hours, so the next slow week you can elect to work only 32.5 hours and you're in exactly the same place income wise. This means the employer gets less simple hours work from you for the same amount of money, but that's the price of overtime.