30-year-old entrepreneur increases company’s minimum wage to €65,500 a year
Great news for the 120 staff members at Gravity Payments.
Dan Price, founder of the largest credit card payment processor in Washington state, Gravity Payments, made a surprising announcement on Monday when he said he plans to raise his company’s minimum wage to $70,000 (roughly €65,500) per year.
According to The New York Times, Dan’s idea to raise his company’s minimum wage to $70,000 started when he read a study on happiness that claimed extra money makes a big difference to people’s happiness if they make less than $70,000 a year.
After announced the news to his staff on Monday, Price said: “Is anyone else freaking out right now? I’m kind of freaking out.”
So how is he going to find the cash to pay his workers more money? For 30 employees, Price will be doubling their yearly salary.
Well, Price, who started the company in 2004 at the age of just 19, said he plans to cut his own salary from $1 million to $70,000, while also using between 75-80 per cent of the company’s projected $2.2 million profit this year.
Fair play to him.
Here's a look at a very interesting interview that Entrepreneur Magazine conducted with Price last summer.