The Colorado Department of Labor just announced the new minimum wage rate for 2008
The new rule enacted last year to the Colorado Constitution requires the state’s minimum wage rate to be adjusted each year for inflation. The inflation adjustment is based on the US Bureau of Labor Statistics’ Consumer Price Index for All Urban Consumers (CPI-U) for the Denver-Boulder-Greeley combined area. This adjustment is based on the difference between the CPI-U from the first half of the prior year and the first half of the current year. The CPI-U increased 2.5% from the first half of 2006 compared to the first half of 2007. This adjustment will increase the 2008 minumum wage rate to $7.02 per hour, effective January 1, 2008. The Tip credit for 2008 has not changed so the minimum wage rate for “Tipped Employees” will be $4.00 ($7.02 – $3.02).
For More information please go to the Colorado Department of Labor’s home page at: www.coworkforce.com.