Seattle CEO to cut his pay so every worker earns $70,000

Seattle Minimum Wage
Students and other supporters protest, Wednesday, April 1, 2015, on the University of Washington campus in Seattle, in support of raising the minimum wage for campus workers to $15 an hour. Seattle's new $15 minimum wage law began going into effect Wednesday with a program to gradually raise wages through 2017 and beyond, but UW officials have questioned whether their status as a state entity would require them to raise wages for students and other campus workers on the same schedule. (AP Photo/Ted S. Warren)

SEATTLE (AP) — 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 wage of $70,000.

Seattle television station KING reports that the announcement surprised everyone at a company meeting.

CEO Dan Price says his pay cut is worth it to make his employees happy and build loyalty. He told workers that he thinks a $70,000 minimum wage is what everyone deserves.

Alyssa O’Neal, who will more than double her salary once the policy is phased in over the next few years, says she will use the extra money to buy a house for her young family.

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