Colorado Minimum Wage
There are questions regarding what Colorado financially offers to its residents. What is the minimum wage in Colorado? Does the state have a high cost of living? Are there good jobs in the state? This article covers the following questions.
When it comes to minimum wages, Colorado has had a long and distinguished run. Colorado minimum wage is a dollar above the national average and has been steadily increasing for the last sixteen years. The federal minimum wage is $7.25 per hour, which is lower than the 2023 Colorado state minimum wage, which is $13.65. Among other things, the state’s minimum wage is based on the Consumer Price Index in the Denver-Aurora-Lakewood MSA. However, there are other ways to determine the minimum.
In order to decide on the best pay rate, employers have to weigh the cost of living in the Denver area. The average gallon of gas has risen by about ten percent in the past year. This, combined with an increase in apartment rents, has led to a spike in consumer prices.
Colorado Minimum Wage Increase
Colorado Department of Labor and Employment is currently working on a plan to raise the minimum wage to $20 an hour by the 2024-25 school year. However, the state legislature is not likely to let that happen. Aside from announcing a raise in pay, the Polis Administration has made other statewide economic improvements. Specifically, it cut the driver’s license fee, reduced the state parks pass to $29, and lowered vehicle registration fees.
Although the minimum wage in Colorado has increased every year since the recession ended in 2008, there hasn’t been a real revival in the hotel and food service industry. Despite that, the state’s unemployment rate has dipped below the 9% mark for the first time in years. Although a minimum wage increase could be a pain, it’s also smart. It will help reduce inequities, which is good for everyone. Plus, it will make for a stronger economy.
