Dan Price, CEO of Gravity Payments, ups entire company's minimum - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Dan Price, CEO of Gravity Payments, ups entire company's minimum wage to $70,000

(WFLX) - Imagine a company that paid every employee, no matter their role, a wage more at least $70,000.

That business now exists, and it's in Seattle.

Dan Price, the CEO of Gravity Payments, a credit card processor, said he recently read an article that inspired him, according to a report in the New York Times.

The article said for people who make less $70,000, extra cash makes a big difference.

Price surprised his 120-member staff on Monday saying that over the next three years everyone will make at least $70,000.

Price founded the company when he was 19.

He said he's cutting his own salary to make this happen, and now will only make $70,000 a year.

The average salary at Gravity is currently $48,000.

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