This Entrepreneur Just Announced $70,000 Minimum Salaries for His Entire 120-Person Team

After receiving our Established Entrepreneur of 2014 award, Gravity Payments founder Dan Price has just announced yet another game-changing proposition.

Over the next three years, the 30-year-old plans to raise the minimum salary for every employee at his credit card processing company to $70,000, he told The New York Times.

The concept dawned on Price, he said, while reading a study about happiness, which ultimately concluded that money makes a major difference in the lives of employees who make less than $70,000.

To pay for raises among his 120-person team, Price is cutting his own $1 million salary to $70,000, and also allocating 75 to 80 percent of the company’s expected profits this year of $2.2 million to forthcoming wage increases.

Related: Entrepreneur of 2014 Winner on How He Caught the Entrepreneurial Bug

All told, 70 employees will see pay increases, Gravity’s head of marketing, Ryan Pirkle, told the Times, and 30 staffers will see their salaries double. The average salary at the company is $48,000 right now.

While Price conceded that the move is bound to have little impact on his personal extravagances, which chiefly include snowboarding and picking up the tab at bars with friends, he made the bold decision in order to give employees their chance at the American

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