A Minimum Wage of $70,000 a Year

The New York Times reports that a Seattle-based company has announced that they will be increasing the minimum wage for all of their employees to $70,000 per year.

“The market rate for me as a C.E.O. compared to a regular person is ridiculous, it’s absurd,” said Mr. Price, who said his main extravagances were snowboarding and picking up the bar bill.

— Patricia Cohen, One Company’s New Minimum Wage: $70,000 a Year

He’s paying for the increase by reducing his own salary, and also by using up to 80% of corporate profits. If it turns out to be sustainable, that’s a life-changer for his employees.