Colorado is set to become the first state to lower its minimum wage next year. The state’s minimum wage is tied to local inflation—specifically, the Denver-Boulder-Greeley Consumer Price Index, which has fallen 0.6%. The state’s minimum of $7.28 an hour will fall to $7.24 on Jan 1. Most employers, however, will be required to pay the federal minimum wage of $7.25, notes the Denver Post.
The wage cut to the federal level would translate into $62.40 of lost income over the course of a year. "For the people really working at the minimum wage, even though it is a small amount of money, it means a lot to them," a public policy researcher tells the Post.