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Dan Price, CEO of Gravity Payments, cuts his salary by 90% to increase wages of his team

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By NewsGram Staff Writer

Can you ever think of a CEO who reduced his own salary so that his team earns more? Mr. Price is the one who broke the stereotype and cut his salary by 90% to increase the salary of the whole team.

Dan Price, CEO of Gravity Payments gathered the team of 120 employees to tell the news that he is doubling the salary of some employees and by December 2017 the whole team’s salary will be doubled.

The average salary of an employee was $48000 but now after this decision 70 of them will be getting $70000 and in order to avoid bankruptcy, those who earn less than $70000 will be getting $5000 increment every year or a minimum of $50000, whichever is suitable.

To implement this, the salary of CEO will be reduced to $1 million a year to the same minimum like everyone else, until the company’s profits recoup.

Mr Price told an English newspaper that he settled on the figure of $70,000 for all after reading a study published by the University of Princeton, which found that increase in income above that number did not have a significant positive impact on a person’s happiness.

According to The Independent, Mr Price said he “hadn’t even thought about” how he was going to adjust to earning 90 per cent less, adding: “I may have to scale back a little bit, but nothing I’m not willing to do – I’m single, I just have a dog.

“I’m a big believer in less,” he added. “The more you have, sometimes the more complicated your life gets.”

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Salary hike correlated to ease of falling asleep: Survey

The survey, conducted across Delhi, Mumbai and Bengaluru, indicates that there is also a direct correlation between productivity and sleep.

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To track poor sleep, the surveys asked questions about the frequency of insomnia, restless sleep and sleep disturbances.
Falling asleep is directly related to salary of a person. Wikimedia Commons
  • Your salary and sleep may be connected
  • High salary means more ease while falling asleep
  • the survey also shows at what time people go to bed usually in different cities

Having trouble sleeping? Your salary might be one of the reasons behind it. There is a direct correlation between increasing salary and ease of falling asleep, according to a survey.

Listening to white sounds can helps us to get oriented towards calm thoughts
High salary means more ease at falling asleep.

The India Sleep and Wellness survey, released ahead of the World Sleep Day, was commissioned by Sunday Mattresses and was conducted among 345 working professionals above the age of 25, read a statement.

The survey, conducted across Delhi, Mumbai and Bengaluru, indicates that there is also a direct correlation between productivity and sleep.

Also Read: Sleep spindles may help in improving memory retention

Over two-thirds of the sound sleepers believe they are 100 per cent productive at work. whereas more than half of those who reported getting insufficient sleep, believed they were only 75 per cent (or less) productive.

People below the age group of 30 sleep better compared to those who are older. Adults over 30 are twice as likely to have sleep-related problems and adults over 45 years are three times more likely to have sleep-related issues. Almost 40 per cent of people use an alarm to wake up. This is significantly high in Mumbai where 50 per cent of the respondents use an alarm on a daily basis.

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Sleeping is very important for one’s mental and physical health.

People in Bengaluru go to bed the earliest (between 10 p.m. and 11 p.m.), whereas Mumbai has the highest proportion of night owls who sleep after midnight. Bengaluru also has a better record of falling asleep as compared to Delhi and Mumbai and this is mainly attributed to relatively lower noise levels.

The research demonstrates that people who eat less than two hours before going to sleep are 50 percent more likely to have sleep-related issues. IANS