Colorado’s Minimum Wage is Increasing in 2023, Are You Here for It?
Colorado is getting a new minimum wage in 2023 and there are varying opinions on the matter.
According to a press release from the office of Governor Jared Polis, Colorado will be increasing its minimum wage by 8.68% starting January 1, 2023.
Why Is Colorado Increasing the Minimum Wage?
Living in Colorado can be quite expensive and this minimum wage set by Governor Polis is expected to help alleviate stress for Coloradans.
“We are building a strong economy that works for all Coloradans,” said Gov. Polis.
This new minimum wage of $13.65 builds upon our work to save Coloradans money, reduce the cost of everyday items, and put money back into the pockets of hardworking Coloradans.
The minimum wage in Colorado is adjusted annually thanks to 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 each year to account for the cost of living increases, as measured by the Consumer Price Index used for Colorado.
The minimum wage adjustments are based on the Consumer Price Index (CPI) in the Denver-Aurora-Lakewood Metropolitan Statistical Area, which is calculated and issued 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 an hour in 2023 as long as employers use a $3.02 tip credit as mandated by Colorado Overtime and Minimum Pay Standards (COMPS).
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 raise to $17.29 an hour. Tipped wages in Denver will also be increasing in 2023 from 2022's $12.85 an hour to $14.27 an hour.
Keep Scrolling to See How the Minimum Wage Has Changed In Colorado