- Click to share on Facebook (Opens in a new window)
- Click to share on Twitter (Opens in a new window)
- Click here to share on LinkedIn (Opens in a new window)
- Click to email a friend (Opens in a new window)
(CNN) - A hipster executive director who cut his own salary four years ago to increase his employees' salary is doing it again.
Dan Price, director of Seattle-based Gravity Payments, said Tuesday that all employees of the company's new office in Boise, Idaho, will earn a minimum annual salary of $ 70,000 by 2024.
"This morning we cut the tape of the new office of @GravityPymts Boise and announced that all our employees here will start earning our minimum salary of US $ 70,000," Price announced on Twitter. "I am very grateful to work with this amazing team and to be able to compensate them for the value they bring to our community."
This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $ 70k min salary.
I'm so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community. pic.twitter.com/stwwJgYCqQ
- Dan Price (@DanPriceSeattle) September 23, 2019
Boise's office was previously an independent company called ChargeItPro, and Gravity, a credit card processing company, acquired it as a subsidiary three years ago.
In 2015, Price decided to increase the salary of its employees after reading a study on happiness. He said an additional income can make a significant difference in a person's emotional well-being when he earns $ 75,000 a year.
He then made the decision to increase the salaries of all his 120 employees in Seattle, raising the minimum wage to $ 70,000 and cutting his salary from $ 1 million by 90% for this to happen.
LOOK : Cardi B meets with Bernie Sanders to talk about minimum wage in the US
The measure doubled the salary of approximately 30 of its workers and gave 40 additional significant increases.
Price says that higher salaries have transformed the lives of its employees. They have been able to grow their families, more than 10% of employees have bought a house for the first time and individual pension contributions 401 (k) have more than doubled.
Since then, Price has shared its history across the country and has inspired other business leaders to do the same.
Chris Isidore of CNN contributed to this report.
