“The Biggest Scam No One Talks About”: Bengaluru CEO’s Post Sparks Nationwide Middle-Class Salary Debate

A LinkedIn post by Ashish Singhal, co-founder and Group CEO of PeepalCo, has ignited a wave of discussion across India, putting a harsh spotlight on the quiet financial crisis facing the country’s middle class. Singhal’s words have resonated deeply with professionals, sparking debate over rising costs, stagnating salaries, and the long-ignored pressures crushing a demographic often hailed as the engine of the economy.

In his widely shared post, Singhal declared, “The biggest scam no one talks about? Middle-class salaries.” He outlined what he called a “well-dressed decline” of a generation that appears stable on the surface but is quietly crumbling under economic pressure. Over the past decade, according to Singhal, individuals earning under ₹5 lakh annually have seen a modest 4% compound annual growth rate (CAGR) in income, while those in the ₹5 lakh to ₹1 crore range have barely seen 0.4%. Meanwhile, food prices have soared by nearly 80%, and purchasing power has been slashed nearly in half.

A Silent Crisis of Modern Survival

Singhal argued that while the poor are offered government aid and the wealthy are multiplying their fortunes, the middle class is left to shoulder inflation and mounting expenses with little institutional support. “You’re still flying once a year, still buying a phone, still paying EMIs,” he wrote. “But you’re also skipping savings, delaying doctor visits, and mentally recalculating every online order.” This scenario, he said, isn’t a collapse but a subtle erosion of financial stability disguised by continued consumption funded largely by credit.

The post also touched on the growing threat posed by artificial intelligence to white-collar jobs, warning that the middle class is now vulnerable not just to inflation, but to redundancy in the labour market as well. The gap between the rich and the rest, Singhal noted, has widened dramatically, with the wealthiest growing their assets sevenfold in the last decade.

Calls for Reflection and Reform

Singhal’s critique did not spare the middle class itself. He suggested that part of the problem is the class’s own silence and passive endurance. “The middle class is quietly getting squeezed from both sides. But it’s also its own fault for choosing to stay quiet and naively hoping that just staying the course of 9 to 9 jobs, home loans, and car loans will improve the situation,” he wrote. “Its guilt is that it has taken too much upon itself and asked too little from the government.”

His post prompted a flurry of reactions online. Many users expressed agreement, sharing their own frustrations about rising costs and stagnant financial growth. Others, however, challenged Singhal’s narrative, pointing out that some individuals in the middle class have experienced improved living standards and income growth. A few questioned whether the issue was more about money management than salaries alone.

A CEO’s Reflection Sparks Accountability Questions

While Singhal’s critique has garnered praise for voicing a long-suppressed concern, it has also sparked questions about corporate responsibility. Some users asked what steps he, as a CEO, had taken to shield his own employees from the effects of wage stagnation and inflation. “What was the pay rise you gave to your employees vis-a-vis yours?” asked one LinkedIn user pointedly.

The conversation triggered by Singhal’s post suggests a growing dissatisfaction among India’s working professionals. Whether this online dialogue will translate into tangible change remains to be seen, but one thing is clear—the middle class is no longer staying silent about its struggles. As the debate continues, many hope that this newfound voice can drive policy conversations and economic reforms that put this vital demographic back on the path to financial stability.