Supporters Say Minimum Wage Increase Benefits All Of Colorado

DENVER (CBS4)- Voters approved a minimum wage increase in Colorado that supporters say will come back to the community.

Minimum wage will increase from $8.31 gradually to $12 by 2020.

Proponents of Amendment 70 say the increase will lead to more fulfilled workers that will have a positive change in the community.

"It isn't like the money goes into the void to never be seen again. It comes right back to the community. It benefits the workers and reduces some of the government assistance so I think it's a win-win situation for all of Colorado," said Zo Ma Ma restaurant owner Edwin Zoee.

According to a University of Denver study, low income workers are likely to spend their extra income which will give the economy an immediate boost. Researchers claim that lifting the minimum wage to $12 could pump an extra $400 million into the economy and reduce the reliance of public assistance.

Small businesses say the extra cost may push them out of business.

Amendment 70 was one of the most contentious ballot measures in the state during Campaign 2016. Supporters rallied for it at the capitol in Denver and the U.S. Labor Secretary came to Colorado to show his support.

It was approved by a margin of 54 percent to 46 percent.

The state's minimum wage is currently $8.31. It will rise to $9.30 per hour in 2017 and then increase by 90 cents each year until 2020.