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Colorado’s Minimum Wage Will Rise to $14.42 Per Hour in 2024

By Brandy Walker posted 11-10-2023 07:00 AM

  

Colorado’s minimum wage will rise from $13.65 to an inflation-adjusted $14.42 per hour on January 1, 2024, according to the Colorado Department of Labor and Employment (CDLE). The tipped minimum wage will be $11.40 per hour, up from $10.63 in 2023.  

Employers should also know that Colorado law allows local governments to set a minimum wage higher than the state requirement. In 2024, the cities of Denver and Edgewater, along with unincorporated Boulder County, will have minimum wages higher than Colorado’s. You can find more information about the local rates in this Employers Council article. 

Please check with your local government to learn more about any possible minimum wage increases. Employers Council will keep you informed as we discover them. We will also update members on minimum wage increases in the other states in the Employers Council region in a future article. 

Additionally, under the Colorado Overtime and Minimum Pay Standards Order (COMPS 39) and the Publication and Yearly Calculation of Adjusted Labor Compensation (2024 PAY CALC) Order effective January 1, 2024, the salary threshold for exempt employees is expected to rise to $1,057.69 per week ($55,000 per year) in 2024. That’s an increase from $961.54 per week in 2023 ($50,000 per year). 

If you have any questions about Colorado’s minimum wage requirements or the COMPS Order, please contact the Employers Council Member Experience Team. 

 

 


#CompensationPlanning
#ExemptandNon-ExemptEmployees
#StateWageLaws
#TippedEmployees
#Colorado

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