Owner of a Credit Card Processor Is Setting a New Minimum Wage: $70,000 a Year

Re:Owner of a Credit Card Processor Is Setting a New Minimum... by caseysoftware on Tuesday April 14, 2015 @01:20AM (#9372250)

Hopefully he adds some money management training to go along with this.

Someone who is used to living on $48k/year (their current average) suddenly making $70k/year is a huge change. And unfortunately, most people will adjust their standard of living to whatever their making instead of banking the difference.

As a result, I can easily see your concern about "increased fear of job-loss" because of what they're making.. and how hard it is to be "poor" again. It's the definition of golden handcuffs.

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Re:Owner of a Credit Card Processor Is Setting a New Minimum... by pcurve on Tuesday April 14, 2015 @01:38AM (#9372307)

To be clear, I'm not implying that the current market rate wage is a fair one. It's entirely possible that, had real median wage kept its pace with economic and productivity growth, the market rate would be much higher.

But the $75k equals happiness is largely predicated on it being significantly higher than median wage.

If all other companies followed suit and pay the same amount, we'd have to move the yardstick much higher than $75k.

[ Parent | on HN ]