Monday, September 21, 2020
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

19,148FansLike
362FollowersFollow
1,774FollowersFollow

Most Popular

Pandemic To Increase Child Labour, Trafficking & Slavery: Satyarthi

The COVID-19 pandemic will result in "most definite and substantial increase" in child labour, child trafficking and slavery across the world, warned Nobel Laureate...

Wooden Puppets Will Enact Ramlila In Varanasi This Year

The world famous Ramlila in Varanasi will not be held this year due to the pandemic but the tradition will not be broken either. Wooden...

Guidelines For Disposal Of Cigarette Butts Within 3 Months To Be Layed Down

The National Organisation for Tobacco Eradication on Sunday welcomed the direction of the National Green Tribunal (NGT) to the Central Pollution Control Board (CPCB)...

Actress Malaika Arora Feels Blessed To Overcome Covid-19

Actress Malaika Arora says she feels blessed to have overcome Covid-19 with minimum pain. Malaika, who tested positive earlier this month, took to Instagram to...

UN World Leaders To Make Efforts To Address Global Challenges

Ahead of the high-level meetings of the UN scheduled for Monday, the international community expects world leaders to make collective efforts to address global...

We Are Here to Serve Our Farmers: PM Modi

Prime Minister Narendra Modi on Sunday again sought to assure the opposition on minimum support price (MSP) and to allay the fears of farmers...

Climate Change Threatens Health, Future of All Children, Adolescents

Many wealthy nations are letting the world's younger generations down by failing to curb planet-warming emissions, a U.N.-backed report said Wednesday, warning climate change...

Here’s the First Picture of Another Solar System

The European Southern Observatory has released the first image ever captured by a telescope of multiple planets orbiting around a sun-like star, just like...

Recent Comments

Donate to NewsGram to support quality journalism.
x