Hey, Minimum Wage Earners: You Got A Raise!
Hourly workers in many states across the nation, including Colorado got a much needed pay raise with the New Year. Effective January 1, 2015 through December 31, 2015, The Division of Labor has adopted Colorado Minimum Wage Order Number 31 to reflect the state minimum wage of $8.23 per hour. That’s a .23/hour pay raise, up from the $8.00 former hourly wage which went into effect one year ago, in 2014.
It should also be noted that no more than $3.02 per hour in tip income may be used to offset the minimum wage of tipped employees.
While most consider the raise long overdue, labor market experts speculate over a host of economical fall-outs from the increase, from hiring freezes to corporate spending cuts. But still, most think it isn’t enough of a raise. Many minimum wage employees are also calling for the federal government to increase the minimum wage nationwide.