DENVER, Colo. (KRDO) -- Governor Polis and the Department of Labor and Employment Division of Labor Standards and Statistics (DLSS) has announced an increase in Colorado’s minimum wage.
The current minimum wage is $12.56 per hour. It will increase to $13.65 per hour in 2023. This is an 8.68% increase, according to the DLSS.
“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.”
Annually adjusting the minimum wage for inflation is a voter-approved mandate in the Colorado Constitution.
Gov. Polis signed a law allowing local governments to set a higher minimum wage than the state standard.
According to the Governor's office, 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.
DLSS issues minimum wage adjustments as a part of its annual wage law rulemaking process and pursuant to its mandate under the Colorado Constitution says the Governor's office. Providing advance notice helps employers and employees plan their finances. The new minimum wage will take effect on January 1, 2023.
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