CEO Hikes Minimum Wage To $70K, Capitalist Tragicomedy Ensues
By Tyler Durden
Meet 31-year-old Dan Price.
Dan is the CEO of Seattle-based credit card payments processing firm Gravity Payments, and three months ago, he did a funny thing.
After talking with a friend who confessed to having difficulties making student loan payments and rent each month on an annual salary of $40,000, Dan decided to set a $70,000 per year pay floor at Gravity.
Dan was not, The New York Times says, looking to insert himself into “the current political clamor over low wages or the growing gap between rich and poor.” All he wanted to do was improve the lives of the 120 or so people who worked for him and after reviewing some literature on the subject, he decided that $70,000 was the level at which workers start to experience “an enormous difference in [their] emotional well-being.”
Read the rest here: