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Paying people their worth in gold -- a first in Singapore
From Channel News Asia, Singapore
Thursday, October 23, 2014
http://www.channelnewsasia.com/news/singapore/paying-people-their-worth/...
SINGAPORE -- How would you like to be paid your worth in gold? Singapore-based precious metals dealer BullionStar is doing just that by rewarding staff with the commodity as salary, and it says it is the first in the country to do so.
Here is how it works: If, for example, you earn S$3,200 a month, you can choose to be paid in two gold bars each worth S$1,600. Theoretically, if you are a high earner drawing a pay of S$51,000 a month, you can choose to be paid with a one-kilogram gold bar.
Sales manager Vincent Tie is one of six employees at BullionStar who has opted to receive his salary in bullion. About 20 to 40 per cent of the 38-year-old's basic pay is given in gold.
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"If I save in a paper currency in a bank, the interest paid to me cannot beat the rate of inflation, so essentially I am losing purchasing power. That means that I am buying less with my wealth," Mr Tie said about why he went for the heavy metal option.
BullionStar said it expects more employers to take up this practice, which harks back to the old days when gold and silver were indeed currency and used to reward labour.
"Precious metals have served as money throughout most of history for some 6,000 years. So staying true to this belief that we have that precious metals might once again return in some form or shape as money, it is quite natural for us to also offer our employees salary payments in gold and silver," BullionStar CEO Torgny Persson said.
Leaving paper money aside does not mean an end to paperwork, however. Human resource experts pointed out a few things to consider if firms wish to introduce such innovative payment policies.
"All employers are obligated to pay salary within seven days of its due date. They also have to ensure that the calculations of the basic pay is clear and transparent," said Mr Erman Tan, president of the Singapore Human Resources Institute. "At a later stage all the employers are required to produce a stipulated pay slip as well. These administration issues will be part of the consideration."
The volatility of commodities is another factor. Hays Regional Director Chris Mead said: "You might be paid, say, the equivalent of S$5,000 or S$10,000 in a particular month -- then if the price of gold goes up, that is great for you. If the price of gold goes down, then that is not so good for you. So I guess an individual would need to weigh those concerns."
As for contributions for staff to the Central Provident Fund, BullionStar still makes those in cold, hard cash.
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