It happened; Colorado voters passed Amendment 70. It was close at almost a 50/50 split. The changes are scheduled to go into effect January 1, 2017 and will incrementally increase minimum wage annually $0.90 until it caps in 2020 at $12.00/hour.
There were varying opinions and concerns from business owners about how this will affect their pricing structure, buying power, and their ability to keep good employees. Many were in agreement that not all jobs were meant to fully support a household and that these are revenue streams from part-time or seasonal employees, or school students. Additionally, this may affect students’ ability to acquire a job while in school for basic experience before moving into their career.
Concurrently, the Incremental Minimum Wage Increase was in discussion at the same time when the Fair Labor Standards Act was also in the process of making significant changes to the Overtime Rule, which impactfully changed the exemption salary from $23,660 to $47,476/year. It would’ve been a double-hit to business owners with potentially severe implications. A Texas Federal Judge has issued an injunction to this rule, indefinitely.
Only time will tell what will happen and what the overall affects will be to business owners, employees and consumers alike. We’ll keep you posted.