Younger workers benefit most from minimum wage hike
Colorado workers between the ages of 20 and 25 are the largest group who will see their paychecks go up Sunday, when Amendment 70’s minimum wage hike takes effect.
According to the Bell Policy Center, 79 percent fall into the youngest age range, with lower percentages as age increases. Women will benefit more than men, 55 percent to 45 percent, while some 60,000 workers are parents and 93,000 children will see at least one parent’s salary increase.
Along with workers in the leisure, hospitality and retail industries, education and health care workers will also benefit from the increased wages, which are estimated to add about $100 million to the state economy.
Colorado voters approved Amendment 70 by a 55 percent to 45 percent margin in the Nov. 8 general election. It calls for the current state minimum wage of $8.31 an hour to increase to $9.30 in 2017, $10.20 in 2018, $11.10 in 2019, and $12.00 in 2020. After 2020, annual adjustments will be made to account for increases in the cost of living.
Colorado Families for a Fair Wage, the campaign that supported Amendment 70, out-raised opponents three-to-one. As of Dec. 13, supporters received $5.41 million, while Keep Colorado Working, the opposition campaign, received $1.73 million.