TAFEP Hero 2023 Oct
human resources online

Meet the first company in Singapore to pay staff in gold

How would your employees feel about being paid their worth in gold?

One company in Singapore has decided to give it a go, taking the novel step to allow its employees the option of being paid in gold or silver as of this month.

BullionStar CEO Torgny Persson, said the company is the first in Singapore to offer this unique method of payment to staff, allowing employees to "build a bullion portfolio effortless and effectively".

He said he believes more employers will follow suit in the future, as gold and silver gain traction as being recognised as true money, as fiat currencies depreciate in value worldwide.

"Gold and silver has been used as money throughout centuries and keep its purchasing power over time better than any other asset class," he said.

"By paying our staff in gold and silver, we allow them to save in real money that keeps its value over time. As all our staff already prior to this arrangement save and invest in precious metals, it’s natural for them to embrace the new arrangement."

The company expects this new perk to be a hit with local employees, as precious metals are usually one of the better favoured options when it comes to passing on an inheritance to their children.

In a press release, an employee named Hong Kang explained why he was in favour of this new move.

“For the past two years, I have been putting part of my income into gold and Silver for long term savings. As an Asian, I wanted to leave behind an inheritance for my children and what else makes a better inheritance than gold and silver?"

However, this option can also have its downfalls for employees, as any payments made in commodities becomes subject to market fluctuations.

Additionally, HR would need to consider how to track these payment policies and keep the paper details of this basic salary transparent.

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