One Company’s New Minimum Wage: $70,000 a Year

16 Apr

Need more CEOs like him.

JoAnn Chateau

Dan Price, the founder and CEO of Gravity Payments in Seattle Dan Price, the founder and CEO of Gravity Payments

One business owner takes a stand on inequality. Founder of Gravity Payments Dan Price slashes his own salary in order give his employees a raise.

One Company’s New Minimum Wage: $70,000 a Year

The idea began percolating, said Dan Price, the founder of Gravity Payments, after he read an article on happiness. It showed that, for people who earn less than about $70,000, extra money makes a big difference in their lives.
His idea bubbled into reality on Monday afternoon, when Mr. Price surprised his 120-person staff by announcing that he planned over the next three years to raise the salary of even the lowest-paid clerk, customer service representative and salesman to a minimum of $70,000. […]

If it’s a publicity stunt, it’s a costly one. Mr. Price, who started the Seattle-based credit-card payment processing firm in 2004 at the age of…

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