[UK] TallyMoney boss puts employees on gold payroll to beat inflation

Employees at a financial services firm in the City of London have been offered the possibility to get paid in gold rather than pounds and pence to help them keep ahead of inflation, City A.M. reports.

Cameron Parry - the CEO of TallyMoney - is believed to be the first employer in the country to trial a gold payroll, though other companies are now beginning to offer crypto as an option to their staff.

Mr Parry spoke exclusively to City A.M. earlier today and said that “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,” Mr Parry said.

“At times like these, when conventional money is steadily losing its buying power, gold offers people the best chance of keeping ahead of inflation.”

While the Bank of England expects inflation to surge to 10 per cent, the value of gold has risen 11 per cent since the beginning of the year.

Mr Parry added that “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,” he said.

Gold payroll scheme

Mr Parry has reportedly already begun piloting his gold payroll scheme among senior staff and will soon offer it company-wide. He himself has signed up for the scheme.

Mr Parry employs more than 20 staff and says that those who wish to continue receiving their wages in pounds will be allowed to do so.

PAYE taxes are applied as normal and the exchange rate for gold to pounds is taken into account. For example, a gross monthly salary that was previously £4,000 would be defined as 82,000 tally gross – 82,000 milligrams of gold – on an employee’s payslip. 

Digital marketing manager Ella Fraser - one of Mr Parry’s employees - said, “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.”

Source: City A.M.

(Quotes via original reporting)

Employees at a financial services firm in the City of London have been offered the possibility to get paid in gold rather than pounds and pence to help them keep ahead of inflation, City A.M. reports.

Cameron Parry - the CEO of TallyMoney - is believed to be the first employer in the country to trial a gold payroll, though other companies are now beginning to offer crypto as an option to their staff.

Mr Parry spoke exclusively to City A.M. earlier today and said that “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,” Mr Parry said.

“At times like these, when conventional money is steadily losing its buying power, gold offers people the best chance of keeping ahead of inflation.”

While the Bank of England expects inflation to surge to 10 per cent, the value of gold has risen 11 per cent since the beginning of the year.

Mr Parry added that “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,” he said.

Gold payroll scheme

Mr Parry has reportedly already begun piloting his gold payroll scheme among senior staff and will soon offer it company-wide. He himself has signed up for the scheme.

Mr Parry employs more than 20 staff and says that those who wish to continue receiving their wages in pounds will be allowed to do so.

PAYE taxes are applied as normal and the exchange rate for gold to pounds is taken into account. For example, a gross monthly salary that was previously £4,000 would be defined as 82,000 tally gross – 82,000 milligrams of gold – on an employee’s payslip. 

Digital marketing manager Ella Fraser - one of Mr Parry’s employees - said, “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.”

Source: City A.M.

(Quotes via original reporting)