This CEO will now pay his employees in gold

TallyMoney CEO Cameron Parry. (Image credit: LinkedIn)

A London-based CEO will now pay his employees in gold to help them stay ahead of inflation, according to a report in local business newspaper City A.M.

Cameron Parry, who leads financial services company TallyMoney, told the newspaper that gold is a “time-tested inflation hedge”.

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

Parry said that pound’s spending power was declining at an “alarming pace”, while the value of gold had been climbing steadily this year.

“With the cost of living 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,” he told City A.M. “It was like putting a band-aid over an open wound.”

For now, Parry’s TallyMoney, which employs over 20 people, is only paying senior staff members in gold. But the company plans to extend the new pay scheme across the board. Parry himself is taking his salary in gold, the newspaper reported.

“Gold goes much further when it’s exchanged for goods and services that are priced in pounds and pence,” Parry said.

However, employees at his firm can still choose to keep receiving their salaries in pounds.

Living costs in the United Kingdom are mounting and the value of the pound has fallen to a two-year low. The Bank of England has warned that 2022 will be a year of recession for the economy.