If you are an employer and have minimum wage earners on your payroll, now is the time to plan for the increase that will be mandated come January 1, 2012. Colorado’s minimum wage will increase 28 cents from $7.36 per hour to $7.64 per hour as a result of a state law that links annual wage to cost-of-living fluctuations known as the CPI or Consumer Price Index. With the wage increase, we have compiled a list of things you may need to do to update your procedures:
1. Update your required posters by printing a new Colorado Minimum Wage Order poster. These posters should be released the last week of December by the Colorado Department of Labor.
2. Update your payroll records to reflect the required increase, effective January 1, 2012.
3. Adjust any calculation automation you may have in place to determine gross wages.
4. Update any timesheets submitted to your payroll department to determine wage payments.
5. Review records for any Garnishments being processed through payroll. Update these calculations to ensure proper amount is being deducted and paid per order.
We suggest that you begin preparing now for this update to make end of year and holiday planning much easier. If these tasks and other Human Resources and Payroll needs have become a burden, please contact us at 303-466-7864 to learn more about how we can help you free up much needed time, increase profit and ensure your business is compliant and protected.