DENVER (KRDO) -- Denver's minimum wage will increase to $17.29 per hour starting Jan. 1, a $1.42 per hour increase, according to 9NEWS. Currently, the city's minimum wage is $15.87 per hour.
Annual adjustments on the city's minimum wage depend on calculations made at the Department of Finance. According to City Auditor Timothy O'Brien, the $1.42 increase is in response to the rising prices in the city.
The statewide's minimum wage will increase from $12.65 per hour to $13.65 per hour on Jan. 1, nearly 2.5 times higher than the federal minimum wage of $7.25.
According to RentCafe, the cost of living in Denver is 12% higher than the national average.
"It is time to get the word out now," O'Brien said. "It’s time for employers to update their payrolls and workers to watch their paychecks."