Minimum wage to increase to $13.65 in 2023

DENVER — Governor Jared Polis and the Colorado Department of Labor and Employment announced Tuesday, Sept. 13, in a press release that Colorado’s minimum wage will increase in 2023.

The minimum wage will be $13.65 an hour beginning Jan. 1,  2023. The current rate is $12.56. The increase is an 8.6 percent increase.

Annually adjusting minimum wage for inflation is a voter-approved mandate in the Colorado Constitution.

“We are building a strong economy that works for all Coloradans,” Polis said in the release. “This new minimum wage of $13.65 builds upon our work to save Coloradans money, reduce the cost of everyday items and put money back into the pockets of hard-working Coloradans.”

Polis signed a law that allows local governments to set a higher minimum wage than the state standard.

The wage adjustments are based on the Consumer Price Index in the Denver-Aurora-Lakewood Metropolitan Statistical Area. It is calculated and issued by the Federal Bureau of Labor Statistics.