The London based company TallyMoney has decided to pay salary of its staff in gold as it would help them stay ahead of inflation, according to local newspaper City A.M. Cameron Parry, the CEO of financial company believes that Gold has already become a strong inflation hedge and continues to retain its purchasing power for decades.
He claimed that conventional currency is gradually losing its purchasing power amid the eroding value of Pound. The company has a workforce of nearly 20 people and it may set a strong example for other companies to emulate.
Cameron said that amid the high cost of living that has been prevailing in United Kin, it is not ideal to offer salary hikes in pounds. The value of gold continues to surge and pounds' value continues to decline, added Cameron.
Presently, the company is paying salary of its senior employees in gold and now it desires to stretch the scheme in the entire company. The CEO is already taking his salary in the yellow metal, according to City A.M.
He claims that gold can go much further when it will be exchanged for goods and services that are priced in pounds and pence. Meanwhile, the employees have been given the choice to accept their salary in Pounds.
Pound continues to shed its value for some time and recently it fell to a two-year low as living cost continues to soar in UK. Amid these gloomy time, Bank of England's statement has added fuel to the fire when it claimed that the economy may face recession in 2022.
Cameron also said that when employees receive their salary in gold it will help them beat any sort of financial crisis. The new policy of the company has received good response and many are saying that the company has already prepared in advance to tackle economic crisis effectively.