The owner of a credit card payment company based in Seattle is increasing its minimum wage to $70,000 per year.

According to a New York Times report, Gravity Payments founder Dan Price told his staff on Monday afternoon that every employee would make at least that much within three years.

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Price started the credit-card payment processing firm in 2004, when he was 19, the Times reported, adding that he would slash his own salary from about $1 million to $70,000.

A company spokesman said about 70 employees will get a raise out of the deal, and about 30 would double their salary.

“Is anyone else freaking out right now?” Price asked after making the announcement. “I’m kind of freaking out.”

They may be freaking out . . . and getting big raises.