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US CEO Cuts Own Pay, Ups Employees’ to $70K a Year

The founder of a credit card payments company in the western U.S. city of Seattle is taking a huge pay-cut in order to give every one of his employees a big raise. Dan Price, owner of Gravity Payments, told his employees this week that he is slashing his own $1 million per year salary to $70,000. He will use that money and company profits so every employee would earn a base salary of $70,000, to be phased in over three years. He says the cost of living is rising rapidly in...

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