Dan Price, the founder of Gravity Payments Aims to Raise Minimum Pay to $70K Annually

Dan Price, the founder of Gravity Payments Aims to Raise Minimum Pay to $70K AnnuallyOn Monday, Dan Price, the founder of Seattle-based Gravity Payments told his employees, that in the coming three years time he plans to raise the minimum level of salary at the medium sized credit card payment processing firm to an yearly $70,000.

If that comes true then even the clerks, sales man or the customer service representative who are generally at the lowest rung of the salary ladder, will also take home almost $20,000 more every year as compared to the average family income in the United States as per the data released in 2014, by the U. S. Census Bureau.

Where does Price plan to get all that money from? One of the simplest ways to get that number is by trimming his own salary, he says. Presently he gets nearly $1 million for managing the company which was founded by him in 2004.

Reportedly, Price says that he would also utilize "75 to 80 percent of the company's anticipated $2.2 million in profit this year" in the process of raising the payment of the workers. Many a times top bosses of different companies have given up their handsome pays for benefitting shareholders, but this gesture for the workers is something new and motivating at a time when the increasing wealth gap is becoming a considerable issue.