The First Minimum Wage Bump In Colorado Hits January 2017 KUNC from www.kunc.org

Minimum Wage in Colorado in 2023

What is the Minimum Wage?

The minimum wage is the lowest amount of money that employers are allowed to pay their employees for performing work. It is a legal requirement that employers must comply with in order to protect the rights of their employees. In the United States, the federal government sets a national minimum wage, but some states have their own minimum wage laws that can be higher than the federal minimum wage. Colorado is one of those states.

What is the Minimum Wage in Colorado?

The minimum wage in Colorado in 2023 is $12.32 per hour, which is higher than the federal minimum wage of $7.25 per hour. This rate went into effect in January 2021 and is set to increase each year. The increase is tied to the rate of inflation and is adjusted for the Consumer Price Index (CPI). The CPI is a measure of the average price of consumer goods and services.

Who Does the Minimum Wage Apply To?

The minimum wage applies to all employees in Colorado, regardless of the number of hours they work per week. However, the minimum wage does not apply to certain workers, such as tipped employees, youth workers, and certain agricultural workers. For these workers, the minimum wage is $7.32 per hour.

What Are the Penalties for Not Paying the Minimum Wage?

Employers who do not comply with the minimum wage laws in Colorado can be subject to penalties. The penalties can include paying back wages to workers, paying civil fines, and even criminal prosecution. The penalties can be severe and can have a long-lasting impact on an employer's reputation and finances.

Conclusion

The minimum wage in Colorado in 2023 is $12.32 per hour, which is higher than the federal minimum wage of $7.25 per hour. This rate went into effect in January 2021 and is set to increase each year. Employers who do not comply with the minimum wage laws in Colorado can be subject to penalties, including paying back wages to workers, paying civil fines, and even criminal prosecution. It is important for employers to be aware of their obligations and to comply with the minimum wage laws in their state.