CEO raises minimum wage to £48k after reading workplace happiness study

After reading a study on happiness in the workplace the CEO of an American credit card payment processing company has raised his firm’s minimum wage to $70,000 (£48k).

To help fund the move Dan Price, founder and CEO of Gravity Payments, has taken a 90% pay cut – after describing his previous compensation as absurd.

During a weekly meeting Price, 30, told staff: “You might be making $35,000 a year right now but everyone in here will definitely be making $70,000 a year and I'm super excited about that.”