Close  

CEO gives over P1.5 million salary increase to employees

/ 06:39 PM October 08, 2019

A businessman pledged a $30,000 (over P1.5 million) salary increase (per person) to some of his workers within the next five years. The employees were previously earning $40,000 (around P2 million) a year.

Dan Price, chief executive officer of Gravity Payments, started on his promise last Monday, Sept. 23. He increased the salary of his team in Idaho, United States by $10,000 (around P517,700) right away, as per Idaho Statesman on the same day.

ADVERTISEMENT

salary increase

Dan Price and his team at the opening of their office in Idaho, United States. Image: Instagram/@danpriceseattle

Gravity Payments is a credit card processing company. Their new Idaho-based team is composed of 40 workers from ChargeItPro, a similar business which Price acquired about three years ago.

“I expect that many people will be very happy about it,” Price told the publication. “And will sense that it’s fair and it makes sense and that’s the way it should be.”

FEATURED STORIES

Prior to being acquired by Price, employees of ChargeItPro were earning a minimum salary of $24,000 (about P1.2 million) a year. Once Price started managing the said company, the minimum salary was increased to $40,000 (around P2 million) a year.

Price said increasing the previous salary was the “most that the business could afford without completely toppling.”

However, as it is in business, everything comes at a price. The said increase in his employees salaries had later led to a decrease in the company’s profits.

Price did not seem to be worried by it, and said, “But it just seemed like a more pressing thing for us to pay as close to a livable wage as possible.”

The recently-announced increase will bring the Idaho-based team’s minimum salary of $40,000 (around P2 million) to $70,000 (about P3.6 million) by 2024.

This is not the first time Price has increased his employees’ salaries, as per report. In 2015, he had cut his own salary by 80 to 90% to raise the salary of his team in Seattle, where the company started, to $70,000 (about P3.6 million).

Since Price ushered in the $70,000 (about P3.6 million) wages to his Seattle-based team in 2015, he said a third of his employees there have become debt-free. Ryan Arcadio/JB

ADVERTISEMENT

RELATED STORIES: 

Airline CEO orders ramp boys to ‘kiss the bags’ after catching them hurling suitcases from conveyor belt

‘I owe you my life’: Stranger gives man almost P500 to cut ahead of him in CR line

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: chief executive officers, Employees, Idaho, salary, United States
For feedback, complaints, or inquiries, contact us.
opinion

Celebrating Korea’s ties with Asean

November 18, 2019 01:00 AM

entertainment

Beauty and brains, with talent to boot

November 18, 2019 12:50 AM

entertainment

How Honne’s music exposes hidden feelings, meanings

November 18, 2019 12:40 AM

newsinfo

Former Sri Lankan defense chief wins presidential vote

November 17, 2019 10:03 PM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.