The minimal wage in Colorado is about to extend to $12.56 per hour on January 1, 2025. This improve is a part of a gradual plan to lift the minimal wage to $15 per hour by 2026. The minimal wage is the bottom hourly wage that employers are legally allowed to pay their workers. It is very important word that the minimal wage shouldn’t be the identical because the prevailing wage, which is the common wage paid to employees in a particular occupation and geographic space.
Elevating the minimal wage has an a variety of benefits, together with decreasing poverty, stimulating the financial system, and growing employee productiveness. A better minimal wage additionally helps to degree the taking part in area for small companies, as they’re much less seemingly to have the ability to afford to pay their workers greater than the minimal wage.
