What will Colorado’s 2023 minimum wage be?
Colorado is getting a new minimum wage in 2023 and opinions differ on that.
According to a press release from Gov. Jared Polis’ office, Colorado will increase its minimum wage by 8.68% beginning January 1, 2023.
Why is Colorado raising the minimum wage?
Living in Colorado can be quite expensive, and this minimum wage set by Governor Polis should help ease some stress for Coloradans.
“We are building a strong economy that works for all Coloradans,” Governor Polis said.
This new minimum wage of $13.65 builds on our work to save money in Coloradans, reduce the cost of everyday items, and put money back in the pockets of hard-working Coloradans.
The minimum wage in Colorado is adjusted annually through Amendment 70, which is a voter-approved mandate in the Colorado Constitution that was passed in 2016.
How new minimum wages are determined in Colorado
Amendment 70 calls for the minimum wage to be adjusted annually to reflect increases in the cost of living, as measured by the Consumer Price Index used for Colorado.
Minimum wage adjustments are based on the Consumer Price Index (CPI) in the Denver-Aurora-Lakewood Metropolitan Statistical Area, which is calculated and published by the federal Bureau of Labor Statistics.
What will Colorado’s minimum wage be in 2023?
The minimum wage in Colorado will be raised to $13.65 per hour in 2023. Tipped employees will have a minimum wage of $10.62 per hour in 2023 as long as employers use a tip credit of 3, $02 as required by Colorado’s Overtime and Minimum Pay (COMPS) standards.
However, if you work in Denver, the capital’s minimum wage differs from that of the rest of the state.
In 2022 Denver’s minimum wage was $15.87 and in 2023 Denver’s new minimum wage will increase to $17.29 per hour. Tipping wages in Denver will also increase in 2023, from $12.85 per hour in 2022 to $14.27 per hour.
Keep scrolling to see how the minimum wage has changed in Colorado
Colorado’s minimum wage over the years
Take a look at how Colorado’s minimum wage has changed over the years.
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