Millionaire CEO, 35, raises the minimum wage for his Idaho employees to $ 70,000 – four years after he did the same for his Seattle employees by lowering his own $ 1 million payday
- Dan Price, CEO of Seattle-based Gravity Payments, promised all employees at his new office in Idaho to earn a minimum salary of $ 70K by 2024
- The announcement came Monday during the Boise, Idaho office ribbon cutting
- The Boise office was taken over by Gravity Payments as a subsidiary three years ago and employees previously earned a minimum wage of $ 40K
- In 2015, Price reduced his $ 1 million salary by up to 90 percent after he decided to pay his employees a minimum wage of $ 70,000
- He made the decision after reading a study and said that extra income can make a difference in a person's emotional well-being
A Washington-based CEO has promised his employees that they will reach a minimum salary of $ 70,000 by 2024 – for the second time in four years.
Dan Price, CEO of credit card processing company Gravity Payments, announced on Monday that employees in his new Boise office will receive an immediate $ 10,000 increase and reach a minimum salary of $ 70,000 in 2024.
The group of employees, who previously worked at ChargeItPro before Gravity Payments purchased the company three years ago, received a minimum salary of $ 40,000 a year.
Price told ABC news that the majority of employees were paid less than $ 30.00 before the acquisition.
Dan Price, CEO of Gravity Payments, announced on Monday that employees in his office in Boise, Idaho (photo) will reach a minimum salary of $ 70,000 by 2024
In a tweet, Price wrote: & # 39; This morning we cut the ribbon in the new Boise office AND announced that all of our employees here will earn our $ 70k min salary. & # 39;
& # 39; I am so grateful to work with this great team and to be able to compensate them for the value they have to our community. & # 39;
The company also made the announcement on their website and said they are working on strengthening their employees.
& # 39; We are building something special – an insanely accessible company that defends the little boy and girl in pursuit of the American Dream, & # 39; said the statement.
An employee (left) and Dan Price (right) cut the ribbon to the new Gravity Payments office in Boise
The employees (in the photo) receive an immediate increase of $ 10,000 and will gradually increase by $ 20,000
Employees at the office in Boise were blown away by the announcement.
& # 39; I was told by someone who was a single parent that they didn't necessarily have to work two more jobs … and that they would become a better parent & # 39 ;, Price told ABC News.
Price believes that other CEOs of large millions of companies should take the same steps to help their employees.
He said: “I'm just shocked by the lack of willingness to do this, especially in large companies in the US business. We have proven that this can work. & # 39;
& # 39; Every company that makes more than a million dollars a year should definitely do so. Inequality must stop. & # 39;
Price (photo): & # 39; Every company that makes more than a million dollars a year should definitely do so. The inequality must stop & # 39;
This is not the first time that Price has increased the salaries of its employees by spreading the amounts.
In 2015, Price promised a minimum wage of $ 70,000 for its Seattle headquarters by saving up to 90 percent on its own payday of $ 1 million.
He told ABC News: & # 39; I'm tired of being part of the problem, I want to be part of the solution. & # 39;
& # 39; I used to earn a million dollars a year and people who worked for me earned $ 30,000 a year and that's wrong. I fed the problem. & # 39;
Allegedly he made the decision after reading a study that said the emotional well-being of a person can be increased by extra income.
According to Gravity payments, the salary increase has led employees to become homeowners for the first time, have more children, pay off debts and contribute more to individual 401k.
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