Dan Price, the founder of Gravity Systems—a credit card processing company based in Washington—shocked his employees by raising the minimum wage to $70,000 over the next three years.
1. What percentage raise will that be based on the average wage now?
2. Where did Dan get the idea?
3. Do you think that his plan will be a success? Detail your answer with examples.
Hayden, Jen (2015). Washington employer shocks employees by raising his company’s minimum wage—to $70,000 per year. The Daily Kos, April 14 (Retrievable online at http://www.dailykos.com/story/2015/04/14/1377642/-Washington-employer-shocks-employees-by-raising-his-company-s-minimum-wage-to-70-000-per-year)