Colorado’s minimum wage is expected to rise to $14.42 from $13.65 effective Jan. 1, 2024, according to the state labor and employment department website.
The hourly tipped minimum wage is expected to rise to $11.40 from $10.63, based on a $3.02 maximum tip credit.
The minimum wage for 2024 will be finalized in formal rulemaking in the fall of 2023, according to the website.
Denver and Edgewater, Colorado, will both have local minimum wage rates in 2024 that are higher than the statewide rate. The hourly minimum wage in Denver will be $18.29, while Edgewater’s will be $15.02.
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.