Denver's new minimum wage next year will rank among some of the highest in the country, and will be on par with what workers in Seattle and San Francisco are making this year.
This year, Denver's minimum wage is $17.29. In 2024, it will increase to $18.29. People working in the food and beverage industry who make at least $3.02 in tips will be paid $15.27 an hour.Dr. Kishore Kulkarni is a distinguished professor in the Department of Economics at Metropolitan State University of Denver. He said the $17.29 per hour wage is not sufficient to live in the city. Axios reported this year that the salary Denverites need to live comfortably is around $70,000.
Kulkarni said a higher minimum wage can increase the cost of production and raise prices. Raising prices is the solution Kerry O'Brien, owner of Bar 404, will likely implement to meet the new minimum wage. Another potential impact of a minimum wage that increases faster than the inflation rate is unemployment, according to Kulkarni.
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