The chief executive of a credit card company is counting the cost of his decision to set a minimum wage of US$70,000 for all his 120 employees.
Dan Price, who slashed his annual US$1-million pay package to help fund his altruistic gesture and was hailed as the “world’s nicest boss,” has been forced to rent out his own home to make ends meet.
The issue of poverty pay is a sensitive one in the US and some states are already setting higher rates than the federal minimum wage of US$7.25 an hour.
But Price went considerably further after hearing of the problems faced by one friend who said she was struggling to survive on US$40,000 a year, which was rather more than he was paying his staff in Seattle.
His decision to increase their pay at the cost of his own gained him global attention and a fair measure of…
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