Washington employer shocks employees by raising his company's minimum wage—to $70,000 per year

Dan Price, the founder of Gravity Systems—a credit card processing company based in Washington—shocked his employees recently:

His idea bubbled into reality on Monday afternoon, when Mr. Price surprised his 120-person staff by announcing that he planned over the next three years to raise the salary of even the lowest-paid clerk, customer service representative and salesman to a minimum of $70,000.

“Is anyone else freaking out right now?” Mr. Price asked after the clapping and whooping died down into a few moments of stunned silence. “I’m kind of freaking out.”

Considering the average salary at Gravity Payments was $48,000 per year, I'd say more than a few employees were probably freaking out. Dan Price says he got the idea after reading a study on income and happiness, which showed people who make $70,000 per year are generally happier than those above and below that threshold. And he's fully diving into that concept, slashing his own salary to make up the difference:  
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