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A company to pay wages in gold as a trial

Sun 15 May 2022    
| < 1 min read

As part of a new trial, the boss of a financial services firm in London is offering his employees the chance to get paid in gold.

Cameron Parry, CEO of TallyMoney, believes it makes no sense for him to continue paying his staff in pounds.

Parry, who employs more than 20 members of staff is conducting the trial in the hope of helping his team during the difficult times we’re living through at the moment.

He explained, “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 band-aid 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.”

Parry piloted his new scheme with some senior members of staff and will soon offer it across the company, though employees will be free to continue getting paid in pounds if they so wish.

Those who opt-in won’t actually be dragging a sack of gold home with them at the end of each month, rather the exchange rate for gold to pounds will be taken into account, with PAYE taxes applied as normal.

He said, “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 they tried and tested the appeal of gold just makes more sense.”

Source: Agencies

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