Gravity Payments founder Dan Price cuts his salary from $US1m to $US70k, doubles staff wages

The idea began percolating, said Dan Price, the founder of Gravity Payments, after he read an article on happiness. It showed that, for people who earn less than about $US70,000 ($92,105), extra money makes a big difference in their lives.

His idea bubbled into reality on Monday afternoon, when Price surprised his 120-person staff by announcing that he planned over the next three years to raise the salary of even the lowest-paid clerk, customer service representative and salesman to a minimum of $US70,000.