I am around 2 years experienced Software Developer in a small company. I have this boss in my company who is in this company since 2001 (that's also his first company).
Now he thinks that the only way to improve any junior is to scold him and hurt his ego. He made me a team lead of 3 people. One of the girl, who was my subordinate was not performing well. She didn't even know how to operate a computer. When I told him about her, he instead of listening to me scold me rudely and said you just don't have the skills to lead people. He also told me that when he was of my age, he had made many people champions in software development, who didn't knew anything about Programming.
He advised me to hurt the ego of my 3 subordinates so that they can also grow in their careers. Meanwhile, sometimes I feel really stressed on being scolded just before going to home. He also scolded my subordinates badly when I was on leave one day and as a result, one of my fresher subordinate was looking to resign and move somewhere else.
I calmed him down and told him that I'll try my best not to make this happen to him again. I told him to ignore the words of our boss since he is just like that. Also, my boss always gets angry on extremely small issues. For example, if he is discussing something with me and I asked him to repeat some statement again, which I don't understand. He gets very angry and says to everyone that even the peon of our company can understand this in the first place.
One day, I told him that my salary is quite low, then he said that people who run after money belongs to the lowest category in his eyes.
My mental state has become very frustrated due to this and I'm generally not an argumentative type of a guy. That's why, When he scolds me, I generally stay silent as I don't want to waste my energy over that moron, who thinks that he knows everything and he is the most intelligent person in the world.
I've started preparing for switching the job. Also, I can't leave the company immediately as I have to feed my family financially. But until then, how can I deal with this boss?
people who run after money belongs to the lowest category
sounds like an excuse to not pay people. This sounds like someone who was put in leadership due to tenure rather than someone who was actually fit for leadership.