Salary | CEO raises minimum employee pay to staggering £56k

A CEO has hiked the salaries of each of his employees again who will now earn a minimum annual wage of £56,000 ($70,000) by 2024.

Dan Price, Head of US firm Gravity Payments, slashed his own earnings four years ago to raise the pay of employees who were based in its Seattle office in 2015, reported CNN Business.

Announcing the news on Twitter, Price said: “This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $70k (£56k) minimum salary.

“I'm so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community.”