Boss raises entire company's minimum wage to $70,000

The founder of a Seattle-based credit card processing company recently announced that he will take a large salary cut so he can increase the pay for each employee to at least $70,000 a year. Dan Price says he made the decision after hearing about a study that claimed income, to a certain level, directly affects one's emotional well-being.

The New York Times reported that Price, the head of Gravity Payments, told his 120 person staff about the plan after talking to friends about the difficulties of making $40,000 a year.

Price said he will cut his nearly $1 million salary to $70,000 and use about 80 percent of the business' anticipated profit to increase the salary of about 70 employees. About 30 employees, including the lowest-paid clerk, will see their salaries increase to the $70,000 threshold. The workers reportedly clapped and cheered when he made the announcement at the Seattle office.

"I'm completely blown away right now," Hayley Vogt, 24, who earned $45,000 a year at the company, told the paper. "Everyone is talking about this $15 minimum wage in Seattle and it's nice to work someplace where someone is actually doing something about it and not just talking about it."

You can read more from FOX News here.

To find out more about Gravity Payments, you can head to the Gravity Payments Facebook page here or follow them on Twitter at @GravityPymts. You can also follow Dan on Twitter at @DanPriceSeattle.
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