Inquisitr:

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blockquote>Dan Price, the CEO of a start-up company located in Seattle, has just raised his employee’s minimum wage to $70,000 by cutting his $1 million salary to that of his lowest-paid employees.

Price is taking upwards to 80 percent of his credit card processing company Gravity Payments’ $2.2 million expected profit and putting it into his employee’s salaries.

Price recently announced that over a three-year period, Gravity Payments will be offering its 120 employees a salary of at least $70,000 which will be paid using a new software which can make a check stub each pat date.

Fantastic news for the company’s employees. Some say this will become the model for other companies but I’d be hugely surprised if anyone else followed suit. It’s just not The Corporate Way.

One thing bothered me about this story though.

Price recently told the New York Times that he was motivated to make the radical change after he read a newly released study about how pay raises increase the happiness of those receiving them.

Seriously? You had to read a study to know this? He’s obviously never been poor a day in his life. The vast majority of us know all too well how important money can be to peace of mind, health, happiness and security.

My criticism aside, I couldn’t be happier for the employees of Gravity Payments.