It is a bold move. While it may cause some pain in the short-term, the long-term outlook for the industry looks positive. It certainly helps that the real estate industry has already moved towards transparency in its operations. – Anshuman Magazine, Chairman, India & South East Asia, CBRE
Well, the move has certainly shaken the world and of course the salaried employees who are managing their expenses, a recent story revealed how critical it has become to survive during the curbing process of black money.
Ashutosh Maji, working in a small restaurant in Pune did not receive his salary as promised to get delivered to him by the 11th of every month. Due to the black money initiative, Ashutosh has not been able to support his joint family and nor is he able to meet his personal expenses. Each time he seeks the ATM or bank assistance, they are either shut or short of cash. With a similar grief, today many salaried employees are facing the consequences of the bold move rolled out by our PM, Mr. Modi. However, we bring to you some effective ways that you can bear in mind while planning and managing all your expenses.
Store Frozen Food at home
While, till now you might be buying the groceries on liquid cash on a daily basis but to help yourself meet the basic necessities of life, it is advisable to buy frozen food and beverage items, which can satiate your hunger for at least a month till you receive your next salary.
Use ATM card over liquid cash
Whether you are travelling by your own vehicle or using a public conveyance service like cabs, then it is vital that you make use of your Paytm wallet, credit or debit cards. You can easily use all your cards for making these payments and be secured of the cash stored in your wallet.
Do not think of resigning
Yes, the initiative has indeed instilled the feeling of resignation amongst employees owing to the discomfort they are facing while traveling, meeting their everyday expenses. Realize, that the timeline for these temporary issues is just till 31st December 2016. You only need to bear the financial crunch for less than two months.
What the employers can do to help their employees managing their expenses during the recent black money move?
- Initiate pick and drop transportation service. If paid, propose the least amount to be deducted from employee’s salary.
- Provide breakfast/lunch meals inside office premises – free or paid.
- Offer a loan facility that is provided in cash
- Provide health-insurance benefit
- Provide work from home options benefit till 31st Dec
- Offer flexible timings
Monetary benefits provided to employees for a permanent or temporary basis, would certainly bring a lot of relief to their life during traveling to and from workplace. Meals, transportation, work from home benefits, would certainly re-create a sense of willingness to work and result in higher productivity.