CEO Gives Employees $10K Salary Increase, Plans to Raise Wage to $70K by 2024

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CEO Gives Employees $10K Salary Increase, Plans to Raise Wage to $70K by 2024

 

The CEO who slashed his salary in 2015 to increase wages for his employees has done it again.

Gravity Payments head Dan Price reportedly announced that he will be giving his employees a raise during his visit to their new office building. This applies to workers whose current minimum salary is $10,000—which Price is looking to increase up to a minimum of $70,000 by 2024.

"This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $70k min salary," said the Gravity Payments leader on Twitter. Gravity Payments is a credit card processing company in Seattle that acquired Idaho-based firm ChargeItPro.

"I’m so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community."

 

Photo Credit: @DanPriceSeattle via Twitter

 

Most of Price's employees have a wage of below $30,000, PEOPLE said citing a report from ABC News, adding that increasing their salary in just a few years "will unquestionably be life-changing."

The CEO believes that slashing his million-dollar salary to benefit his workers is "worth it."

"A lot of people think giving up a million dollar a year salary and millions in profit is an unreasonable sacrifice to pay a living wage and give small businesses white-glove service," he said in an Instagram post.

 

Photo Credit: @DanPriceSeattle via Twitter


This is the second time Price increased his employees' salaries. In 2015, the company leader raised the minimum wage of his workers in Gravity's Seattle office to $70,000 and slashed 90 percent off his $1 million salary.

At the time, Price said he realized he was "feeding into the problem" as his workers were making $30,000 a year while he makes millions.

"I’m sick of being part of the problem," he said, "I want to be part of the solution."

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