US company institutes $70k minimum wage

The CEO and founder of a credit card payments processing company in the US has decided to pay all of his staff at least $70k per annum, after reading that this was the appropriate salary for maximum “emotional well-being”. He’s funding the pay rises largely by reducing his own $1m (WHAT??!!) salary to $70k too. Hard to know whether to feel cheered (paradigm shift?) or cynical (marketing stunt?) about this. Here’s the info so you can make up your own mind:

http://www.nytimes.com/2015/04/14/business/owner-of-gravity-payments-a-credit-card-processor-is-setting-a-new-minimum-wage-70000-a-year.html?_r=0

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