Imagine if, one day in your normal minimum-wage job, you were told that you’d be earning a $70,000 salary.
We’re betting most people would check for the punch-line.
But for one company in Washington, that’s exactly what happened on Monday.
Dan Price, founder of the largest credit card payment processor in Washington state, Gravity Payments, made a surprising announcement on Monday, when he told staff he plans to make a substantial raise to his company’s minimum wage.
Workers at the firm will now START on $70,000 (roughly €65,500) per year.
According to The New York Times, the morale boosting motivation came to Dan after he read a study that claims extra money makes a big difference to people’s happiness when they earn less than $70,000 a year.
So where will the extra cash flow from exactly?
Price plans to cut his own salary from $1 million to $70,000 to help fund the initiative, while using between 75-80 per cent of the company’s projected $2.2 million profit this year.
One word. Legend.
