CEO who gave staff £45,000 minimum wage forced to rent out his house

The American CEO who raised every one of his 120 employees wage to a minimum £45,000 ($70,000) has run into hard times, after cutting his own salary to help fund the pay boost.

Dan Price, Chief Executive of Seattle-based credit card processing firm Gravity Payments, has sparked both criticism and praise with his remarkable decision to breach the staff pay gap. Price lowered his own $1million salary by 90% to help compensate workers.

However, the well-meaning gesture has caused issues of its own, with Price losing two of his “most valuable” employee due to the wage crisis.

Maisey McMaster, Financial Manager for Gravity, claimed in an interview with The Times: “He gave raises to people who have the least skills and are the least equipped to do the job, and the ones who were taking on the most didn't get much of a bump.”