On January 1, 2018, Colorado will increase the minimum wage to $10.20 an hour. Is that a good or bad for Colorado and Grand Junction?

On the first day of the New Year, 11 new laws are set to go into effect. One of the biggies is the new minimum wage law. It will increase pay to $10.20 this year and will continue to increase the minimum to $12 an hour by 2020. Those working for tips will see their pay increase to $7.18 an hour on January 1st.

Since July of 2009, federal law has set the national minimum wage at $ 7.25 an hour. Over half the states have a minimum wage higher than the federal minimum. The last few years, seven states have increased their state minimum wage. Massachusetts and Washington have the highest at $11.00 per hour.

 

As Colorado sets to move the states minimum wage higher, will this help the economy? That depends on who you ask. There are valid arguments on both sides of the debate. In reality, only time will tell what effect the new law will have on the Colorado and Grand Junction economies. Happy New Year and Happy New minimum wage.