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+--- Thread: Company Near Seattle Introduces $70K Minimum Wage (/showthread.php?tid=178342)
Company Near Seattle Introduces $70K Minimum Wage - space-time - 04-14-2015
http://seattle.cbslocal.com/2015/04/14/company-near-seattle-introduces-70k-minimum-wage/
SEATTLE, Wash. (CBS Seattle) — A credit card processing firm located just north of Seattle has announced it will raise the minimum annual salary for its employees to $70,000.
Dan Price, the owner and founder of Gravity Payments in Ballard, told The New York Times he decided to increase his employees’ salaries after reading an article on happiness. The study said emotional well-being increases with extra income, up until around $75,000 (at that point, there is no drastic increase in emotional-well being with more income). The article also states that low income was associated with “low life evaluation.”
The pay increase will affect around 70 employees, and 30 of the company’s employees will double their salaries.
Price — who was named Entrepreneur of the Year in 2014 — will make the payments by reducing his own $1 million salary to $70,000.
The Seattle City Council passed an ordinance in June 2014 that increased the city’s minimum wage to $15, over three to four years. That ordinance went into effect April 1, 2015. Washington state already boasts the nation’s highest hourly minimum wage at $9.47.
Re: Company Near Seattle Introduces $70K Minimum Wage - Speedy - 04-14-2015
Don't you love it when the lamestream media reprints an Onion satirical article as news!
Re: Company Near Seattle Introduces $70K Minimum Wage - OWC Jamie - 04-14-2015
Speedy wrote:
Don't you love it when the lamestream media reprints an Onion satirical article as news!
Care to provide the link to the original Onion article ?
Re: Company Near Seattle Introduces $70K Minimum Wage - Lemon Drop - 04-14-2015
That's legit.
I'd also like to add that Dan Price is hot.
Re: Company Near Seattle Introduces $70K Minimum Wage - Lemon Drop - 04-14-2015
http://www.nytimes.com/2015/04/14/business/owner-of-gravity-payments-a-credit-card-processor-is-setting-a-new-minimum-wage-70000-a-year.html?hp&action=click&pgtype=Homepage&module=second-column-region®ion=top-news&WT.nav=top-news&assetType=nyt_now&_r=0
Re: Company Near Seattle Introduces $70K Minimum Wage - Speedy - 04-14-2015
Lemon Drop wrote:
That's legit.
I'd also like to add that Dan Price is hot.
Fine, but he only makes slave wages now.
Re: Company Near Seattle Introduces $70K Minimum Wage - clay - 04-14-2015
Speedy wrote:
[quote=Lemon Drop]
That's legit.
I'd also like to add that Dan Price is hot.
Fine, but he only makes slave wages now.
I'll be his total compensation (bonuses, stock options, etc) will be a LOT more than $70k.
Re: Company Near Seattle Introduces $70K Minimum Wage - ztirffritz - 04-14-2015
$70k is a princely sum in many areas, including Seattle. I realize that in California that would be poverty level, but not everyplace has the same cost of living.
Re: Company Near Seattle Introduces $70K Minimum Wage - August West - 04-14-2015
I agree with Clay. Research shows that more spending on employees consistently results in a more valuable company. Not that I think this individual is doing this for those reasons.
Re: Company Near Seattle Introduces $70K Minimum Wage - Speedy - 04-14-2015
I thought research, as well as common knowledge, indicates that more spending on employees results in out-sourcing to China or Inda. Who'd athunk