04-14-2015, 09:07 PM
http://seattle.cbslocal.com/2015/04/14/c...imum-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.
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.