Colorado Jury Instruction - 4.1 Recovery Of Take-Home Pay
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Exempt Salary Threshold In 2023, such employees must make at least $961.54 per week ($50,000 yearly) to meet the salary requirement for EAP-exempt status. This is a $96.16-per-week or a $5,000-per-year increase from 2022.
Colorado is not an immediate pay state, but there are specific deadlines for final paychecks. If an employee is terminated or laid off, the employer must issue the final paycheck within 24 hours.
COMPS Order NO. 38 sets forth the Colorado Minimum Wage ($13.65/hour, or $10.63 for tipped employees), in 2023. The minimum wage is adjusted annually due to account for inflation. All non-exempt employees must be paid the minimum wage, regardless of whether they are paid by the hour, salaried or commissioned.
COMPS #37 governs minimum wage, overtime, rest and meal breaks, and other aspects of Colorado wage and hour law. COMPS #37 also incorporates some regulations pursuant to the Healthy Families and Workplaces Act (HFWA), which establishes a paid sick leave benefit for most employees in Colorado.
Comp Time is time off granted in lieu of overtime payment for non-exempt employees. For every hour worked, eligible non-exempt employees (Regular, Limited Term and Temporary) would be granted one and one-half hours of comp time. These hours are tracked in the employee's Compensatory Plan leave bank.
Key Updates to CO COMPS Order #38 Effective January 1, 2022: New exemption for ?highly compensated employees.? An employee qualifies under this exemption if they are: (1) paid 2.25 times the rounded annual salary for the executive, administrative, or professional salary limit in the PAY CALC Order ($101,250 in 2022);
Colorado's minimum wage is expected to rise to $14.42 from $13.65 effective Jan. 1, 2024, ing to the state labor and employment department website. The hourly tipped minimum wage is expected to rise to $11.40 from $10.63, based on a $3.02 maximum tip credit.