Rising inflation levels this year have wreaked havoc in the capital and financial markets across the world. As post-pandemic consumer demand returned with a vengeance, businesses began expanding operations and hiring more resources, anticipating a brighter future. But persistently high inflation levels prompted central banks to raise rates across economies in an effort to cool the pace of growth.

For businesses, this sudden change in approach meant that many of the resources deployed for expansion were no longer feasible, leading to mass layoffs. For professionals, it brought a drastic change in prospects on the heels of record wage growth and a bountiful job market. The position represents the multidimensional effect that inflation has on income.

Is Inflation Eating Your Food?

According to a recent survey of 360 multinational companies in 68 countries, salaries are expected to decline by an average of 3.8% globally in 2022 as a result of inflation. India was lucky to see a positive wage growth of 2.1% for the year, the survey showed. by ECA International. However, with higher levels of volatility in both the job and financial markets showing no signs of letting up, it looks like inflation may be over here.

your pay could use a hand

Perhaps it is time for the markets to do what your career alone may not have been able to achieve – to raise your salary.

A diversified investment portfolio is the best hedge against inflation. But such investments are generally made for long term and do not help in short term liquidity. Despite falling to a three-month low of 6.77% in October, India’s retail inflation was still above the RBI’s target. This means that most short-term investments do not even provide inflation-beating returns.

Under such circumstances, one way to maximize funds in hand is to
rewarded salary account, While it may sound unorthodox, a salary account with meaningful benefits that add real value for money can take care of a load of regular expenses and lifestyle costs.

Every bank has a salary account variant with a range of benefits ranging from rewards and discounts on purchases to fee waivers on various services. You can maximize these benefits based on a proper understanding of your financial behavior and some research on the various salary account offers in the market.

an intelligent salary account

Most traditional bank salary accounts offer a traditional range of benefits such as no minimum balance requirement, higher spending limits and rewards for spending more money. But new products in the market, such as
fi money Salary Account, provide benefits that increase the value of the money in your account in addition to the usual spending-based
Prize,

These benefits include joining bonus, rewards on receiving your salary and top-up on health insurance of three times your existing cover. In combination with rewards on spends, these benefits add up to ₹1000 worth of your monthly salary. All of this creates a strong value proposition at no extra cost.

Along with these, intelligent features like AI-powered expense tracking and behavioral analysis, customizable automated
Investment rules and regulations
Connect multiple bank accounts The Fi Money app can help you save and invest more of your pay.

While your investments may be able to beat inflation over the long term, the liquid cash you need to maintain in your bank account for day-to-day needs will remain severely vulnerable to inflation. A really rewarding salary account is your best bet for mitigating its effects.