This company looks to be pre-revenue and raised a $20mil seed in late 2019. Although I like the ideal of everyone being valued the same - this may be easier to do when the company has plenty of VC cash and just needs to make cool stuff. Over time, people who are more committed and more experienced will emerge.
Are the founders going to get the same pay as the new admin hire in year 4 when there's only 1 year's runway left?
Who's going to leave first - your junior sales hire on 170k, or the sales hire that has been with the company 4 years, has a book of business that generates 5x more revenue (that is now helping pay for this salary policy) and has only received 5k raises each year?