"I want to be part of the solution to inequality", said Dan Price as he explained why he took close to a million-dollar pay cut.

In an interview with CBS, Price also promised to give his employees a minimum wage of US$70,000 by 2017.

For now, the minimum wage at Price's company, Gravity Payments, would be raised to US$50,000 and is expected to use 75 - 80 per cent of the Gravity Payment’s anticipated US$2.2 million in profit this year.

Price said this move was inspired by a Princeton study he read which stated that emotional well-being increases as income rises to US$75,000. He said that he realised that there was a 'emotional cost every single day' for people who earned less than said amount.

He made these comments in an interview with CBS Evening News:

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In a New York Times interview, Price said that he was nervous about the move as he wanted to do it without raising prices for his customers are cutting back on service.

However, he felt that as a business leader, he was in a position to do something to address inequality. He shared that he heard stories about how difficult it was to make ends meet "even on salaries that were still well-above the federal minimum of $7.25 an hour."

Price's salary adjustment would affect 70 out of 120 employees in his company. 30 would ultimately have their salaries doubled by 2017.

In honour of his ambitions and actions behind ending inequality, Mothership.sg dedicates the following picture to him: