The Silent Burden: Struggles of India's Salaried Taxpayers and Their Increasing Mental Toll

In India, salaried taxpayers contribute significantly to the nation's revenue. They shoulder a large portion of income tax, often without the privileges of the wealthy or the flexibility of business owners. While they work hard to fulfill their financial obligations, the pressures of high taxation, rising living costs, and job insecurity can take an enormous toll on their mental and physical health. Recent tragic incidents, such as deaths at HDFC Bank, Ernst & Young (EY), and suicides at Bajaj Finance, have cast a spotlight on the unspoken struggles faced by this segment of the population.

1. The Financial Strain of High Taxation

India’s salaried class finds itself caught in a vicious cycle. They are the most reliable taxpayers due to the direct nature of tax deductions at source (TDS). However, despite their steady contribution, they often feel overburdened by the system.

Lack of Tax Relief

Unlike businesses, salaried employees have limited avenues for tax exemptions. While there are deductions available under sections like 80C and 80D, these are often insufficient to cover the rising cost of living in urban areas, where housing, healthcare, and education costs continue to surge. Many feel that their hard-earned money is disproportionately taxed without adequate relief.

Practical Example: The Mid-Level Executive

Consider a mid-level executive earning ?15 lakhs annually. After factoring in income tax, provident fund contributions, and other mandatory deductions, the take-home salary is much lower. This individual may be juggling home loans, children's education fees, and other expenses. The financial stress leaves little room for savings or discretionary spending, adding to the strain.

2. Pressures at the Workplace

The rise in targets, expectations, and the need for 24/7 availability in many companies has led to widespread burnout among salaried employees. The culture of overworking, especially in financial and consulting sectors, has reached alarming levels.

Recent Tragedies in the Corporate Sector

• EY Employee Death: In a recent incident, an EY employee collapsed at work and tragically passed away. While the cause is still under investigation, the culture of overworking and high pressure in consultancy firms is well known. This incident serves as a grim reminder of the physical toll excessive work hours can have.
• Suicide at Bajaj Finance: Earlier this year, a Bajaj Finance employee reportedly took his own life due to stress linked to job pressure. The targets and the fear of underperformance, especially in sales-driven roles, create an environment where employees feel suffocated and helpless.
• HDFC Bank Death: Another unfortunate incident occurred at HDFC Bank, where an employee died on the job. This raised serious concerns about the work culture and the expectations placed on employees in high-stress environments.

3. Mental Health Crisis Among Salaried Workers

The combination of financial stress and workplace pressure is contributing to a growing mental health crisis in India. Sadly, mental health is still a taboo topic in many Indian workplaces, and employees often suffer in silence.

Lack of Support

Many companies have inadequate mental health support systems in place. Employees struggling with anxiety, depression, or burnout may be hesitant to seek help due to the stigma attached or fear of being seen as weak. In a culture that glorifies long work hours, taking time off for mental health is often viewed as unproductive.

Burnout and Anxiety

Burnout has become increasingly common, especially in sectors like finance, IT, and consulting. The pressure to meet targets, secure promotions, and maintain job security leads to chronic stress, which can escalate into more severe mental health issues.

4. The Impact of Job Insecurity

The salaried class is also highly vulnerable to economic fluctuations. During periods of economic downturns, such as the COVID-19 pandemic, layoffs and salary cuts disproportionately affected salaried employees. Despite contributing to the economy, they often have little control over their job security.

The Fear of Downsizing

Even high-performing employees are not immune to downsizing or restructuring, as seen during the pandemic. This looming fear of losing a job adds to the anxiety, with many employees working extra hours to prove their worth, further straining their mental health.

Long-Term Consequences

The combination of high taxation, work pressure, and job insecurity is a recipe for long-term physical and mental health issues. Many salaried workers find themselves trapped in a cycle of work, stress, and financial burden with little relief in sight.

5. What Can Be Done?

To prevent more tragedies and alleviate the burden on India’s salaried class, we must take immediate steps:

• Workplace Reforms: Companies need to implement policies that encourage work-life balance and mental health support. Offering counseling services and normalizing mental health discussions can go a long way in reducing workplace stress.
• Government Intervention: The government must consider more tax reliefs for salaried employees, particularly those in the middle-income bracket. Providing more avenues for tax savings and reducing the overall tax burden can ease financial stress.
• Raising Awareness: Employees must be made aware of the importance of mental health and encouraged to seek help when needed. Society as a whole should work towards de-stigmatizing mental health issues, especially in high-pressure jobs.

In a notable statement, Finance Minister Nirmala Sitharaman recently addressed the issue of workplace stress, stating that individuals need to develop greater mental strength to handle job pressure. While her comments sparked debate, they also highlighted a critical reality: the increasing mental burden on salaried employees in high-stress industries. Many found her statement to be out of touch with the everyday struggles of overworked employees who face relentless job demands, insufficient support systems, and mounting financial pressures. Critics argued that rather than expecting individuals to solely bear the burden of resilience, it is crucial for both the government and employers to step in and create healthier work environments with mental health resources, fair taxation, and a balanced approach to productivity expectations. The tragedy is not just about the mental strength of individuals but the systemic lack of support for those enduring constant pressure.

The struggles faced by salaried taxpayers in India are multifaceted, ranging from financial strain to overwhelming workplace pressure. The recent incidents of deaths and suicides among employees at major corporations like EY, Bajaj Finance, and HDFC Bank underscore the urgent need for systemic changes.

India's salaried class, the backbone of the economy, deserves better support in terms of tax relief, mental health care, and job security. As we move forward, we must prioritize the well-being of this essential workforce before more lives are lost to an avoidable cycle of stress, overwork, and financial hardship.