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Company reflects on $70,000 minimum wage

May 26, 2016

Last year, Seattle-based Gravity Payments decided to raise the minimum wage over time to pay its workers a minimum of $70,000 per year, but what are the results? A report in USA Today says it’s complicated. The motivations behind the increase have been questioned, but revenue rose thanks to the publicity. Profits are also up. And employees report less stress, allowing them to focus more on their jobs. Large pay hikes can yield some surprisingly good results, according to the report. However, Gravity Payments’ move should not be seen as a benchmark.