For some companies, Seattle’s new $15 minimum wage law isn’t doing enough to help workers.
The CEO of Gravity Payments, a Seattle-based company that processes credit-card payments, told his employees this week that he was taking a pay cut so they would earn a base salary of $70,000, to be phased in over three years.
Dan Price’s announcement surprised everyone at a company meeting, Seattle television station KING reported. He says his pay cut is worth it to make the company’s more than 100 employees happy and to build loyalty.
“I think this is just what everyone deserves,” Price told workers.
For Gravity Payments employee Alyssa O’Neal, who will more than double her salary once the company’s policy is implemented, says she will use the extra money to buy a house for her young family.
“House, absolutely. I have this goal of being a 21-year-old homeowner, and I’m going to reach that now. And I’m stoked,” O’Neal said.
