A Seattle entrepreneur on Monday announced he is raising the minimum pay for all of his employees to $70,000, while reducing his own pay to the same amount from about $1 million, NBC News reported. Dan Price, the founder of Gravity Payments, said he increased the minimum pay because of concerns about income inequality — and also because he wants his workers to not have to worry about basic needs. Many of Price's employees earn just shy of $40,000. The raise will be a significant increase for 70 workers. Thirty employees will see their pay doubled. "Seattle is not the most affordable city and I want everyone that I know and care about to be able to do all the same basic stuff that I do," Price said. "I want them to live in a decent place."