April 17, 2015

Dan Price - CEO of Gravity Payments - raises his employees' minimum wages to $70,000.

On April 13, 2015, Dan Price, founder and CEO of Gravity Payments, in Seattle, Washington, called a meeting of his employees and announced the following:

Dan Price
That he is cutting his salary from $1 million to $70,000. per year.

That he will raise the minimum wage for his 120 employees to $70,000., in stages, over the next three years. 

The current lowest wage for an employee at the company is around $34,000. per year.

The company processes credit card payments for small businesses. 

The pay raise for employees will be funded partly through Dan's wage decrease and partly through the utilization of company profits for this purpose. 

Dan stated that he sees inequality in the American workplace and how difficult it is for many workers just to make ends meet.  Not long ago he went for a hike with a friend one afternoon.  She talked about the difficulties she was facing in paying for rising rents. It was then that Dan realized he had to do something for his own employees. 
The average CEO makes 350 times
what his workers do

Needless to say Dan's employees were ecstatic - clapping, hugging and high-fiving each other. They are extremely grateful for the positive change this pay increase will bring to their lives. 

In the U.S., the average CEO earns more than 350 times what the average worker does.  

Dan is doing his part in trying to level the playing field. 

Perhaps Dan's move will spur other corporations to rethink their minimum wage pay scale with a view to providing their employees with a living wage. 

God bless Dan Price and all employers who want to share the American Dream with those who work for them. Amen. 

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