The Center for American Progress reports
In April, Dan Price, CEO of the credit card payment processor Gravity Payments, announced that he will eventually raise minimum pay for all employees to at least $70,000 a year.
[...]Six months later, the financial results are starting to come in: Price told Inc. Magazine that revenue is now growing at double the rate before the raises began and profits have also doubled since then.
On top of that, while it lost a few customers in the kerfuffle, the company's customer retention rate rose from 91 to 95 percent, and only two employees quit. Two weeks after he made the initial announcement, the company was flooded with 4,500 resumes and new customer inquiries jumped from 30 a month to 2,000 a month.
Previous: Gravity Payments: CEO Takes Cut and Makes $70k/year New Minimum Salary
All Staff Pay Raise Backfires on Credit Card Processing Firm
(Score: 2, Informative) by Anonymous Coward on Wednesday October 28 2015, @03:10PM
Lets see here. Minimum wage? 7.25 How many hours will you be given? Probably around 25. 25*7.25 = 181.25 a week. The is 725 a month (Assuming 4 weeks in a month, will be slightly more). I am not even going to deduct taxes or anything lets see if we can work with 725.
Studio apartment? in the cheapest markets probably around 450.
Electric? 30 a month if we shut off the lights and sweat out the summer.
Gas? 30 a month assuming we live far south.
Water/Sewer? 15 thats on the cheap side, remember this is best case scenario.
Food? 100 a month if we eat lotsa ramen.
Buss pass? 50.
Assorted necessacities? 100, you know clothes, shoes, haircut, soap, cleaning supplies, household sundries.
Phone? 20, cheap prepaid.
450+ 30+30+15+100+50+100+20= 795
That is 45 dollars more then you make. That also doesn't include health care, taxes, social security, state taxes. So to live you would need at least two of these jobs, and sometimes finding one is hard enough. Finding a second that doesn't interfere with the schedule of one is almost impossible in many of these part time gigs where your schedule is often decided the week before by the supervisor.