‘Biggest scam?’ Bengaluru CEO's grim outlook on middle-class salaries sparks debate

Are middle-class salaries the “biggest scam” that nobody talks about? That’s the question that a Bengaluru-based entrepreneur has come up with—and it’s hitting home for a lot of folks online.

In a candid LinkedIn post, Ashish Singhal, the Group CEO of fintech firm PeepalCo, didn’t mince words. He called out what he described as “the biggest scam no one talks about”: the slow, silent squeeze on India’s middle class.

“This isn’t a collapse. It’s a well-dressed decline,” he wrote, arguing that the illusion of financial stability is being stitched together with EMIs, credit card debt, and dreams downsized to fit tighter budgets.

‘Mental math in every Zomato checkout’

Citing numbers to substantiate his claim, Ashish Singhal stated that over the past 10 years, the group earning under ₹5 lakh saw a 4 per cent compound annual growth rate (CAGR), while the ₹5 lakh – ₹1 crore income group has seen just 0.4 per cent CAGR.

And yet, on the surface, everything looks fine, opined the Bengaluru CEO. People are still taking that one vacation a year. Phones are getting smarter. EMIs are being paid. But a peek behind the scenes reveals delayed doctor visits, medical check-ups, delayed home repairs, and savings that barely exist, said Singhal.

“But you're also skipping the savings. Delaying the doctor visit. Doing the mental math in every Zomato checkout,” wrote the CEO.

What did the LinkedIn community say?

Concluding his post, the CEO asked his followers if they think "it's just an income issue, or even a money management issue?"

"Good one. But, as CEO, what was the pay rise you gave to your employees vis-a-vis yours? That should be interesting to know," one user commented on the post.

“Crying on any platform won't make any difference. India was moving on like this and will continue like this. Nothing's gonna change here. Even after so much tax, there is nothing in return. Whoever can and gets the opportunity, just leaves the country, that's it. But again, salary alone can't make anyone wealthy anywhere in the world,” said another.

Several other users supported the CEO and appreciated him for highlighting the matter.

Death of salaried middle class, says Saurabh Mukherjea

It is not just Ashish Singhal's post about the salaried middle class that has stirred up a debate. Earlier, Marcellus Investment Managers' CIO Saurabh Mukherjea, in a podcast, predicted a grim outlook for India's middle class in this decade, with the declining white-collar employment rates along with the rise in artificial intelligence.