Dan Price is known for being the CEO who slashed his own salary back in 2015 so he could raise the minimum wage at his company to $70,000 a year. Now, the Seattle-based businessman is making headlines once again after he opened a new office in Idaho and announced that all of its staffers would be given the same salary.

Price is the founder and CEO of Gravity Payments, which is a credit card processing company that he launched out of his college dorm room when he was only 19 years-old. The company’s new office in Boise previously belonged to an independent company called ChargeItPro before it was acquired by Gravity in 2016.

During the ribbon-cutting ceremony for the new office, Price announced to his employees that he would be raising their salaries to the $70,000 minimum before 2024.

“This morning, we cut the ribbon on the new [Gravity Payments] Boise office AND announced that all of our employees here will start earning our $70k min salary,” Price wrote on Twitter. “I’m so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community.”

This morning we cut the ribbon on the new @GravityPymts Boise office AND announced that all of our employees here will start earning our $70k min salary.

I’m so grateful to work with this amazing team and to be able to compensate them for the value they bring to our community. pic.twitter.com/stwwJgYCqQ

— Dan Price (@DanPriceSeattle) September 23, 2019

Price first came up with the pay raise idea back in 2015, when he read a research paper on happiness which showed how extra money makes a big difference in the lives of people earning less than $70,000 a year. He had already made it through the 2008 recession without laying off any employees or raising prices, even though he lost almost 20% of his business. Because most of the young workers stuck with him through the hard times, Price saw the raises as the perfect way of repaying their loyalty, even if it meant slashing his own salary from $1 million to the same $70K per year.

After the pay raises were announced, Gravity Payments was flooded with business. Price said that in the week after the announcement, the company recorded the best week for acquiring new clients in the 11 years since he founded it.

Six months later, Price found that his employees were more productive than ever and old customers were sticking with him. On top of that, his customer retention rate had risen from 91% to 95%, which was 37 points better than the national average.

Find out more in the video below.