BBC:

In 2015, the boss of a card payments company in Seattle introduced a $70,000 minimum salary for all of his 120 staff – and personally took a pay cut of $1m. Five years later he’s still on the minimum salary, and says the gamble has paid off. Since then, Gravity has transformed.

“Before the $70,000 minimum wage, we were having between zero and two babies born per year amongst the team,” CEO Dan Price says. “And since the announcement – and it’s been only about four-and-a-half years – we’ve had more than 40 babies.”

More than 10% of the company have been able to buy their own home, in one of the US’s most expensive cities for renters. Before the figure was less than 1%.

Rosita Barlow, director of sales at Gravity, says that since salaries were raised junior colleagues have been pulling more weight.”When money is not at the forefront of your mind when you’re doing your job, it allows you to be more passionate about what motivates you,” she says.

This was a great story when we first reported on it almost five years ago and I’m happy to see it continue to be a great story. But, as I predicted and to the CEO’s dismay, other companies haven’t followed suit.