Australia: A credit card processing boss has decided to buck the trend of rich company owners and given his entire staff a pay rise by cutting his own salary.
Dan Price owns Gravity Payments and will set its new minimum wage to $70,000, $20,000 more than the average wage in the US.
And why? All because he is going to cut his $1 million salary to $70,000 too. But his generosity doesn't stop there because Dan Price will also eat into 80% of the company profits in order to pay the extra money. His employees were absolutely ecstatic at the announcement.
According to the New York Times, 70 workers at his offices in Seattle will get a payrise, including 30 who will see their salary double at least. Speaking at the announcement, Price said:
Is anyone else freaking out right now? I’m kind of freaking out. The market rate for me as a C.E.O. compared to a regular person is ridiculous, it’s absurd.
Now this is the kind of boss we all want. Maybe some of our own bosses could learn a thing or two!
Gravity Payments handled some $6.5 billion in transactions last year, a huge feat given Price started the company in his room at Seattle Pacific University with a little help from his brother.
My jaw just dropped. This is going to make a huge difference to everyone around me.
Phillip Akhavan, Gravity Payments worker
Can you imagine if every rich business owner showed even a fraction of this lad's generosity? The world would be a much happier place.