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The CEO is highlighting an important point about money and happiness

dan price

Dan Price, CEO of Gravity payments, announced this week that he’s raising the minimum salary at his 120-person company to $70,000 a year, the New York Times reports.

To do this, he’s cutting his own nearly $1 million annual pay to $70,000, as well.

For contrast, federal minimum wage in the US is $7.25 an hour, which comes out to about $15,000 a year for someone working a typical 40-hour week. Seattle, where Gravity Payments is based, started phasing in a minimum wage of $15 an hour in early April.

Price is being widely lauded for his decision not only because it’s a feel-good story that makes him seem like an awesome guy and desirable boss, but also because most CEOs cling tightly to their pay — which has risen steadily over the years. By some estimates, CEOs in the US make 354 times as much as their average employees.

Read more: http://uk.businessinsider.com/dan-price-money-and-happiness-2015-4?r=US#ixzz3XpGNsHw2

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