Dan Price, the young CEO of Gravity Payments in Seattle, generated a boatload of publicity and controversy last month when he committed to pay every one of his 120 employees an annual salary of at least $70,000. Price said he was concerned that lower-paid employees were struggling to make ends meet.
In light of our country’s growing economic inequality, the 30-year-old Christian saw his own $1 million salary as part of the problem. To fund the raises for more than half the company’s workers, he cut his salary to $70,000, and decided the company could afford to reduce profits by as much as half.
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