Monday, January 18, 2021
Home World Dan Price, CEO of Gravity Payments, cuts his salary by 90% to...

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

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.”

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Is Tandav Web Series Promoting Religious Flares? Know The Reason Behind Controversy!

The Information and Broadcasting Ministry has issued notice to Amazon Prime, seeking its response to the complaints against its web series 'Tandav' starring Saif...

Akshay Oberoi: This Profession Can Knock You Down Multiple Times

Akshay Oberoi has been a part of Bollywood for almost a decade now. He agrees that the acting profession is difficult and can knock...

B-Town Actress Kangana Ranaut Shares Awful Thing About Nepotism

Actress Kangana Ranaut says after nepotism, the most awful thing about being an actor is going through a night shift. "Apart from nepotism and movie...

Cure. Fit Acquires Digital Fitness Company Onyx

Health and fitness startup Cure. fit on Monday announced it has acquired Onyx, a US-based fitness company that is building the world's smartest digital...

5 Instagram Tools One Should Be Using In 2021

BY OUTREACH REVIEWS We are living in the digital era where the internet is rapidly taking over our lives and influencing the way we live. Social...

Save Planet, Turn Off Your Camera During Virtual Call

Turning off your camera during a virtual meeting can do a lot to reduce your carbon footprint, a new study suggests. The study, published...

A Musical Tribute To The Valor And Brave Indian soldiers

In the run-up to this year's Republic Day, music aficionados can gear up for a musical tribute to the valor and courage of the...

Some Wellness Trends To Shape The Industry In This New Year

Holistic well-being focused on nutrition and rejuvenation is being talked about more than ever. The global hospitality industry has seen a renewed interest in...

Recent Comments