Dan Price: CEO who increased minimum wage to $70,000 is renting out his home 'to make ends meet'

Dan Price, CEO of Gravity Payments, said he was working hard to make his idea work

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The Independent US

Just three months after raising the minimum wage for his employees to $70,000, Dan Price has revealed he is having to rent out his home to “make ends meet”.

Price, CEO of credit card processing firm Gravity Payments, upped the salaries for his 120 employees to reduce the wage gap, taking a huge cut from his own $1 million annual pay packet in the process.

But it has now emerged that the generous move is costing him even more.

In an interview with the New York Times, he said he was having to work hard to make his idea work.

“My hope is that I will be right at the end of the day but I actually don’t think the idea is so good to guarantee that I’ll be right. I’m working as hard as I ever worked to try to make it work.” 

“I’m renting out my house right now to try and make ends meet myself,” said Price.

While the wage increase was welcomed by many of his staff members, some workers left the company as they felt it was unfair that newly hired people would be on a similar salary to them.

After announcing the pay increase in April 2015, Price told ABC news that he too would take a salary of $70,000 and that he would have to "scale back".

"I may have to scale back a little bit, but nothing I'm not willing to do. I'm single. I just have a dog."

"I'm a big believer in less: The more you have, sometimes the more complicates your life gets," he said.