Effective January 1, 2024, the state minimum wage will be increased to $14.42/hour. Additionally, Colorado’s minimum salary requirement for exempt employees will increase to $55,000. This is up from the $50,000 minimum of 2023 and will now move to an inflation adjustment annually beginning in 2025. If an individual makes less than $55,000 and does not meet FLSA exemptions, they must be eligible for overtime. The easiest way to accommodate this rule is by converting the employee to an hourly position.
Information on Colorado’s minimum wage can be on the current COMPS Order for the state which is COMPS Order #38. Information on Colorado’s minimum salary requirements can be found here, with the detailed chart of gradual changes found here: INFO # 1: Colorado Overtime & Minimum Pay Standards Order (COMPS Order) #36
Denver, which has it’s own minimum wage independent from the state of Colorado, is increasing it’s minimum wage to $18.29 up $1.00 from 2023. Information on Denver’s minimum wage change can be found here.
New to 2024, Edgewater will have it’s own minimum wage of $15.02/hour taking effect January 1. This was passed on May 2, 2023 through City Ordinance No. 2023-07 which set annual rates through 2028.
Finally, we are continuing to monitor a minimum wage increase for unincorporated Boulder County which would take effect January 1, 2024. The Boulder County Commissioners are working to raise the counties minimum wage to $15.69/ hour. We are anticipating a decision in the middle or late November 2023.
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