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Coronavirus prompts Gravity Payments staff to take pay cuts
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Gravity Payments employees forgo salary to save company
Gravity Payments CEO Dan Price discusses foregoing his salary to help the company weather the coronavirus shutdown.
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Gravity Payments employees are taking a 20 percent pay cut to make up for the Seattle-based credit card processor losing half its revenue amid a nationwide shutdown prompted by the coronavirus pandemic.
The move, which they suggested, followed a query from CEO Dan Price about what workers were willing to do to help the company weather the challenge, which may persist for several weeks longer.
It was "one of the most humbling moments of my entire life," Price told FOX Business' Stuart Varney Thursday.
Inspired by their employees' actions, Price and the company's chief operating officer, Tammi Kroll, agreed to forego their entire salary.