Paid in Gold – CEO Cameron Parry of TallyMoney, a financial services firm in London, has offered his employees a unique first in terms of payment: the possibility of beating inflation by being paid in gold!
While other forms have trialled paying employees with cryptocurrency, Parry is thought to be the first to add gold to his company’s payroll.
Parry has told City AM: “with the cost of living crisis going from bad to worse, it didn’t make sense to continue offering pay hikes in pounds when its value is being eroded further with every passing day. It was like putting a bandaid over an open wound.”
“Gold is a time-tested inflation hedge and has maintained its purchasing power for millennia. At times like these, when conventional money is steadily losing its buying power, gold offers people the best chance of keeping ahead of inflation.”
The fight against inflation
The Bank reckons inflation will rise by 10 percent this year, offset by the 11 per cent rise of the value of gold, so it’s clear to see how Parry’s plan has merit: “the purchasing power of the pound has been eroded significantly in recent months, while the value of gold continues to steadily rise.”
“There are big question marks over the future of central bank-created currencies right now, and while cryptocurrencies have been grabbing all the headlines in recent years, to a lot of people the tried and tested appeal of gold just makes more sense.”
Get Paid in Gold
Parry is putting himself at the centre of the scheme by adding gold payments to his own payroll, at the same time offering the scheme to senior staff, with a plan to add his 20+ staff if they wish. PAYE remains at the same equivalent rate, with the exchange rate from gold to pounds calculated accordingly.
One of the company’s employees, digital marketing manager Ella Fraser, says in favour of the scheme, “These days the price of everything seems to be going up, and young people are increasingly worried about the value of the pound in their pocket.”
“I think it’s important for bosses to look at more innovative ways at helping their staff through these tough times, and having the option to agree your salary in tally is a great way of doing that.”
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