A Seattle-based company will pay a $70,000 minimum wage to all employees, regardless of their job title, after the CEO read a study that found pay hikes up to that threshold led to significant improvements in emotional well-being.
Dan Price, founder and CEO of Gravity Payments, a credit card payment processing firm, stunned his employees with the generous minimum wage plan, which will ratchet up salaries over the next three years, the New York Times reports.
Thirty of Gravity Payment’s 120 employees will see their salaries double over the next three years, while Price himself will take a pay cut from $1 million down to $70,000 a year, or minimum wage by his standards.
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