CEO sets a minimum wage of $70,000 for everyone in his company

Quartz

“Is anyone else freaking out right now?” said Dan Price, the owner of a small Seattle-based credit card processing company, to a room full of his employees after he informed them of his new salary policy. “I’m kind of freaking out.”

The New York Times ran a story on April 13 about how Price, the founder and CEO of Gravity Payments, read a research paper arguing that people who make less than $70,000 can truly become happier by earning more money. Price then decided to simply raise everyone’s salary to a minimum of $70,000, even the employees lowest on the corporate ladder.

According to the Times, Price’s company, which he started over a decade ago when he was 19, has 120 employees. Seventy of them will see their salaries increased, and 30 will actually have their salaries doubled by the new policy. Thanks, research!

To help pay for the raises, Price will drop his…

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