CEO Increases Employees’ Minimum Wage to $70,000

If your company offered you an immediate pay raise to $70,000, would you take it? Employees at Seattle-based credit card processing company received theirs with a standing ovation.

In a stunning announcement, CEO Dan Price revealed at the company's quarterly meeting that employees would receive an immediate pay increase to $50,000. Within three years, $70,000.

CBS news reports that Price was inspired by a Princeton study stating that emotional well-being rises as income rises up to about $75,000.

"So I realized that people making less than that, there's an emotional cost every single day. And you only get to live once," said Price.

This cut the company's profits in half.

In order to help soften the blow to profits, Price reduced his own salary of $1M down to $70,000.

"You know I want to be part of the solution to inequality in this country," said Price. And if corporate America also wants to be part of the solution that would make me happy. What matters to me is that the problem gets solved."

According to Wikipedia, Gravity Payments is the largest payment processing company in Washington, wholly owned by brothers Dan and Lucas Price.