RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: Idiot Seattle company's CEO takes massive pay cut, sets new 'minimum wage' at $70k Wed Apr 15, 2015 9:52 pm | |
| Dan Price, the founder of credit card processor Gravity Payments, told his 120-person staff on Monday he will raise the salary of all employees over the next three years to a minimum of $70,000, according to a report from the New York Times.
Price said he will pay for the increases by cutting his own salary from nearly $1 million to $70,000 and using up to 80 percent of the company's anticipated 2015 profit of $2.2 million.
Price, who started the company in 2004 when he was 19, said he recently read an article that suggested extra money makes a big difference in the happiness of people who make less than $70,000. The idea turned into reality on Monday when he made the announcement to his employees.
The current average salary at the company is $48,000. At least 30 employees will double their salary.
http://www.aol.com/article/2015/04/14/seattle-companys-ceo-takes-massive-pay-cut-sets-new-minimum-w/21172189/?icid=maing-grid7|main5|dl11|sec1_lnk2%26pLid%3D643706 |
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