Effective January 1, 2021 the state minimum wage will be increased to $12.32/hour. Denver, which has it’s own minimum wage independent from the state of Colorado, is increasing it’s minimum wage to $14.77. All employers who are located in Denver will need to follow the higher city minimum wage.
Information on Colorado’s minimum wage change can be on the new COMPS Order #37 for the state. Please see the last page for the table outlining the changes: COMPS Order #37
Information on Denver’s minimum wage change can be found on the Mayor’s website, with 2021 information found about half way down the page: Mayor’s Page
Additionally, Colorado passed a new law designating minimum salary requirements. Effective January 1, 2021, an exempt salaried individual may not make less than $40,500 annually. This is up from the $35,568 minimum of 2020, with planned increases every year until $55,000 is reached in 2024. If an individual makes less than $40,500, they must be eligible for overtime. The easiest way to accommodate this rule to by converting the employee to an hourly position.
Information on Colorado’s minimum salary requirements can be found here, with the detailed table of gradual changes found on page 8: COMPS Order #36