Dan Price, CEO of Gravity payments, announced this week that he's raising the minimum salary at his 120-person company to $70,000 a year, the New York Times reports. To do this, he's cutting his own nearly $1 million annual pay to $70,000, as well. For contrast, federal minimum wage in the US is $7.25 an hour, which comes out to about $15,000 a year for someone working a typical 40-hour week.