A Seattle entrepreneur on Monday delivered a startling message to his employees — he is raising the minimum pay for all of his employees to $70,000, while reducing his own pay to the same amount from about $1 million. Dan Price, the founder of Gravity Payments, said he increased the minimum pay to $70,000 because of concerns about income inequality — and also because he wants his workers to not have to worry about basic needs.
"Seattle is not the most affordable city and I want everyone that I know and care about to be able to do all the same basic stuff that I do," Price said. "I want them to be able to drive whatever car they want to drive as long as it's reasonable, live in a decent place. Just all the basics."
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