Seattle-based Gravity Payments raises its minimum wage to $70,000 a year
The United States has one of the world’s largest pay gaps, with chief executives earning nearly 300 times what the average worker makes. Despite new regulation embedded in the financial overhaul that Congress passed in 2010, publicly held companies have yet to disclose the ratio of CEO pay to the median pay of all other employees. After reading an article about happiness that showed that extra money makes a big difference for people who earn less than $70,000, Dan Price, the owner of credit card processor Gravity Payments, decided to raise the minimum wage at his company to that threshold: $70,000. The average salary of his 120 employees is $48,000 year. The paychecks of about 70 employees will grow, with 30 ultimately doubling their salaries. The way Price anticipates to pay for it all is almost the best part of the story.
Seattle-based Gravity Payments raises its minimum wage to $70,000 a year
The United States has one of the world’s largest pay gaps, with chief executives earning nearly 300 times what the average worker makes. Despite new regulation embedded in the financial overhaul that Congress passed in 2010, publicly held companies have yet to disclose the ratio of CEO pay to the median pay of all other employees. After reading an article about happiness that showed that extra money makes a big difference for people who earn less than $70,000, Dan Price, the owner of credit card processor Gravity Payments, decided to raise the minimum wage at his company to that threshold: $70,000. The average salary of his 120 employees is $48,000 year. The paychecks of about 70 employees will grow, with 30 ultimately doubling their salaries. The way Price anticipates to pay for it all is almost the best part of the story.
