Small firm set to pay all staff US$70,000 a year

New York

THE idea began percolating, says Dan Price, founder of Gravity Payments, after he read an article on happiness. It showed that, for people who earn less than about US$70,000, extra money makes a big difference in their lives.

His idea bubbled into reality on Monday afternoon, when Mr 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 US$70,000.