The minimum wage in Colorado is set to increase to $12.56 per hour on January 1, 2025. This increase is part of a gradual plan to raise the minimum wage to $15 per hour by 2026. The minimum wage is the lowest hourly wage that employers are legally allowed to pay their employees. It is important to note that the minimum wage is not the same as the prevailing wage, which is the average wage paid to workers in a specific occupation and geographic area.
Raising the minimum wage has a number of benefits, including reducing poverty, stimulating the economy, and increasing worker productivity. A higher minimum wage also helps to level the playing field for small businesses, as they are less likely to be able to afford to pay their employees more than the minimum wage.
