Dan Price, CEO of a credit-card payments company Gravity Payments, said that executive pay is 'out of whack'. Now, the CEO has decided to cut his own salary and create a minimum salary for workers. According to Price, he is fine with it.

As per reports, the CEO has been reducing his pay to about US$70,000 and increasing minimum pays of workers. Earlier this week, the 30-year old CEO of the company based in Seattle said that any worker, who has been making less than US$70,000, will now receive a raise of about US$5,000 every year. Price further stated that a worker will be paid minimum of about US$50,000. It all will depend on which of the two situations is greater for an employee.

The reports further stated that Price's motive for doing so is that by December of 2017, every worker will be earning at least US$70,000. Initially, Price's pay was about US$1 million. After the new announcement by Price, his salary has been reduced to about 7% of his previous executive salary.

According to the reports, The CEO has planned to keep this decreased salary until or unless Gravity Payments' profits are greater than it was last year. As per the plan, the mark to reach is about US$2.2 million. While talking to ABC News, Price said that he did not need his pay to be US$1 million or more. According to him, he did not need that much amount to live.

He further said, "I think CEO pay is way out of whack. It ended up impacting me, because I want the company to be sustainable. I'm going down to the minimum until the company gets back to where it was".

According to Price, he did not think how his life will be after decreasing his pay.