This CEO Is Giving His Employees' A $70,000 Minimum Wage
Dan Price's salary went from nearly $1 million a year to $70,000 so he could raise the starting minimum wage at his company, Gravity Payments.
This is Dan Price, the CEO of Gravity Payments, a Seattle-based payment processing company. After reading an article on how income affects happiness, Price decided to do something for his workers.
On Monday, Price announced to his 120 employees that the new minimum starting salary at Gravity Payments would be $70,000 per year, the New York Times reported.
This move is unprecedented, as the average CEO in the United States reportedly makes over 300 times what the average worker makes.
The 30-year-old Price said that he would have to cut back his personal spending to make the adjustment.
He said another motivating factor was hearing how people were barely getting by.
Price sees the pay cut as a smart business move, because higher paid and happier employees will be more motivated and work harder.