CEO Slashes $1 Million Salary To Give Lowest-Paid Workers A Raise

Earlier this year Dan Price took a $930,000 pay cut. Price, the founder and CEO of Gravity Payments in Seattle, decided to raise the minimum salary at his 120-person payment processing company to $70,000. At a company where the average pay was $48,000 per year, the move affected 70 workers, 30 of whom saw their salaries double. Most of the money for these raises will come from cutting Price’s salary — which is now $70,000 per year rather $1 million. The rest will come out of the $2.2 million the company expects to earn in profit this year.

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