The 2021 Colorado minimum wage $12.32/hr for standard pay, and $9.30/hr for tipped employees.
The City of Denver also increased the standard minimum wage for all citywide workers in 2021 to $14.77/hr.
A full list of each state’s minimum wage rate can be found on the US Department of Labor’s website.
Here are a few simple steps to help prepare your organization for a minimum wage increase:
- Know your cash flow: Make sure you are up-to-date on your company’s finances so you know how the increased wages may affect your business. Consider raising prices or adjusting your budget to accommodate rising expenses.
- Update payroll info: Make sure your payroll records get updated with this increase. If you’re an ASAP payroll client, we will work with you to update accordingly.
- Check out this Entrepreneur article for additional tips on how to manage minimum wage increases.