Boss Takes $1 Million Pay Cut So His Lowest Earning Employees Could Earn More

Dan Price, the founder and CEO of Gravity Payment in Seattle, decided to cut his own salary in order to increase the minimum wage for his employees in a bid to demolish income inequality.

He was earning $1 Million a year, but, decided to slash his salary to $70,000 so that he could raise the minimum wage of his entire company to $70,000! That's $20,000 more than the average wage in the US.

According to the New York Times, that means that 70 workers at his offices in Seattle will receive a payrise, including 30 who will see their income double.

He added: ‘The market rate for me as a C.E.O. compared to a regular person is ridiculous, it’s absurd.’

Dan views his move as an investment into his employees and company, as most workers are motivated by higher salaries. "This is a capitalist solution to a social problem. I think it pays for itself, I really do." He said.