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Whatever happened to the company that decided to pay all of its employees a $70K minimum wage? | Boing Boing

Back in 2015, Dan Price of the credit card processing company Gravity Payments decided to pay everyone at his company a minimum salary of $70,000 a year, including himself. In the immediate aftermath, only two long-time employees left the company (out of 120 people), and Rush Limbaugh called it, “a case study in MBA programs on how socialism does not work.”While Price himself cut his salary down from $1 million to match the $70,000 he was paying his employees, it turned out he was also about to be embroiled in a lawsuit with his business partner and brother, who asserted that Price was receiving “excessive” compensation. (Although Price prevailed in the lawsuit, there was undoubtedly at least some PR motivation behind the move.)
Five years later, the company still has an impressive employee retention rate of over 90 percent, and is still profitable. Then coronavirus messed everything up, like it did for everyone, with small ……

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