A CEO from Seattle has been forced to rent out his home after his business suffered when he raised the minimum wage to $70,000.
Dan Price, 31, made headlines in the US three months ago when he made the decision to increase the salaries of all 120 staff members at his Gravity Payments credit card processing firm.
However, the move, which included Mr Price taking a pay cut, has not ended well, with two employees resigning and several customers walking away as well as part of a backlash against the payrises.
“I’m working as hard as I ever worked to make it work,” he told the New York Times.
“I’m renting out my house right now to try and make ends meet myself.”
Mr Price lost two of his “most valued” employees when they became angry that lower-skilled workers were being paid a similar salary. Some customers left the company because they thought that raising the minimum wage was a political move that could also end up costing them more.