Seattle CEO says he will cut his pay to give every employee a minimum wage of $70,000

MarketsAssociated Press

For some companies, Seattle's new $15 minimum wage law isn't doing enough to help workers.

The CEO of Gravity Payments, a Seattle-based company that processes credit-card payments, told his employees this week that he was taking a pay cut so they would earn a base wage of $70,000.

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Seattle television station KING reports (http://is.gd/zAcR2p ) that the announcement surprised everyone at a company meeting.

CEO Dan Price says his pay cut is worth it to make his employees happy and build loyalty. He told workers that he thinks a $70,000 minimum wage is what everyone deserves.

Alyssa O'Neal, who will more than double her salary once the policy is phased in over the next few years, says she will use the extra money to buy a house for her young family.