Employees at Gravity Payments, the credit card processing company in Idaho, experienced an unexpected windfall recently. Their CEO decided to give each one of them a raise of Rs 7,10,622.
The minimum salary of the staff at the Company is Rs 28,42,488. A raise of over seven lakhs was way above their expectations. That is not all. Dan Price, CEO, Gravity Payments, has also promised that each employee will receive a minimum salary of Rs 49,74,354 in the next five years.
The Company acquired ChargeItPro in Eagle, Idaho, not long ago and has shifted to a more spacious office. The employees were in for a pleasant surprise when their CEO personally welcomed them and gave them and announced the hike.
Price, who has been advocating equal pay for a long time now, had taken a significant pay cut of about 90 per cent personally, when he had decided to pay a minimum salary of $70,000 for each of his employees in Seattle about four years back. He felt that it was unfair that his employees should be earning $30,000 annually, when he himself was earning a million dollars yearly.
He was glad to discover that the raise will enable one of his employees to be a better parent because it will allow one parent to stay home and take care of the kids.
Price is pleased to note that his employees are much happier and are able to lead better lives now, and can afford to expand their families too.