Wednesday, November 25, 2009

Colorado Minimum Wage Will Reduce in 2010

The state minimum wage is always increased according to the economy inflation, while this situation will change. There comes out news that, for the first time, a state minimum wage will be reduced. That’s the state of Colorado.

Colorado will reduce the state minimum wage by 4 cents, from $7.28 per hour to $7.24 per hour. This will be effective on January 1, 2010. However, according to the Fair Labor Standards Act, most Colorado employers will be required to pay &7.25 per hour under the federal minimum wage.

According to the Colorado Division of Labor & Employment, the minimum wage for tipped employees will also change. It will decrease from $4.26 per hour to $4.22 per hour. If the employee does not average $3.02 per hour over the payroll week, the employer must pay the difference. Employers need to update their Colorado state minimum wage posters accordingly.

The Colorado minimum wage is adjusted annually for inflation. Although the Colorado minimum wage will reduce by 4 cents, it is far better than the annual increases of 20 cents or more in recent years. In 2007, Colorado increased the minimum wage from $6.85 per hour to $7.02 per hour, while in 2009, Colorado adjusted the minimum wage again from $7.02 per hour to $7.28 per hour.

The state of Colorado adjusts the minimum wage on the basis of CPI (Consumer Price Index) for the Denver-Boulder-Greeley metro area, published by the US Bureau of Labor Statistics (BLS).

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