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Colorado COMPS and PAY CALC Order Updated - HR ALERTS

Colorado COMPS and PAY CALC 2024

HR Alerts : Vida HR Knowledge Center
Effective January 1st, 2024

COMPS

As a reminder to all Colorado employers, the Colorado Overtime and Minimum Pay Standards order (COMPS) has been updated to it’s 39th iteration. Employers are legally required to provide their employees with a copy of the COMPS poster upon hire, and each year when a new version is issued. Additionally, if an employer has an employment handbook or manual, Colorado law requires the COMPS poster be included. It also is required to be displayed in an easily accessible location within the workplace. For a link to the current poster, employers can find it here.


The new COMPS poster reflects the changes to Colorado overtime and compensation laws that went into effect January 1st, 2024. This includes a new minimum wage and salary exempt threshold.


PAY CALC

In addition, the Publication and Yearly Calculation of Adjusted Labor Compensation order (PAY CALC) has also been updated effective January 1st, 2024. This includes information on Colorado’s minimum wage, as well as newer (and higher!) exempt salary thresholds. This includes an increase for executive, administrative, and professional employees ($1057.69 per week, or $55,000 annual salary), as well as a new threshold to be considered a highly compensated employee (HCE) ($123,750 annual salary). Employers should pay close attention to the HCE threshold because Colorado law limits non-compete agreements to only employees earning at least the HCE threshold and limits non-solicitation agreements to only those employees earning at least 60% of the HCE threshold. For more information, employers can find the full PAY CALC order here.


We’ve also published an article that discusses what is considered exempt for overtime and how those thresholds vary by state and federal laws. For more information, you can find that article HERE.

  Get day-to-day updates on Colorado COMPS and PAY CALC , visit the Vida HR Knowledge Center (Vida HR Clients Exclusive).

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