Everyone can identify with stories about horrible bosses, but what can we make of a story about a terrific one?

Dan Price, CEO of Seattle-based credit card-processing company Gravity Payments, recently announced he would slash his salary from nearly $1 million to $70,000 (a 90% drop) and that every single employee in his company would earn a minimum of $70,000. The new pay scale will roll out over the course of the next three years.

The average salary for a Gravity employee is currently $48,000. About 120 people work for the firm.

Under the new structure, 70 employees will receive raises, while 30 will see their pay double.

Price has a pretty level head when it comes to compensating the people who work for him. "The market rate for me as a CEO compared to a regular person is ridiculous, it’s absurd," he said.

He also has a firm grip on the idea that a respectable salary is needed to live a happy existence. "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. I want them to be able to drive whatever car they want to drive as long as it's reasonable, live in a decent place. Just all the basics."

Price's announcement was met with cheers -- literally. His staff hooted and hollered and gave him a standing ovation after he informed them of the new salary structure.