CEO who cut his own salary to give out raises extends $70K minimum salary to new employees

The CEO who in 2015 cut his own salary to increase his company’s minimum salary to $70,000 extended the same minimum to new employees in another office.

Dan Price, 35, heads Gravity Payments, a Seattle-based credit card processing company, ABC News reports. Three years ago, Gravity Payments acquired ChargeItPro, an Idaho-based company whose employees moved into a new office building.

Price flew to the new building and surprised his new employees, saying each would earn an additional $10,000 with plans to raise them to the $70,000 minimum of his other employees by 2024, the network reports.{mosads}

“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,” Price tweeted Tuesday. “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.” 

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.

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. pic.twitter.com/stwwJgYCqQ

— Dan Price (@DanPriceSeattle) September 23, 2019

Most of the Idaho employees previously made below $30,000, ABC News reports.

Price’s recent gesture comes after he slashed his $1 million salary by 90 percent in 2015 to increase the minimum wage of Gravity Payment’s Seattle employees to $70,000.

“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,” Price wrote in an Instagram post on Wednesday. “Well, I am proof of one thing. It is worth it.”