Employee Benefits Coming in Early 2023

December 13, 2022

As we head into the winter break, and begin planning for next year, it is a good moment to recap some of the benefits activating for employees in January.  The university remains committed to goal 5 of the Strategic Plan.

Merit Pay Increase

In January’s paycheck, faculty and non-classified staff who meet eligibility requirements will see up to a 3% merit pay base-building increase. The CU Board of Regents approved this increase earlier this year. Dual employees that report to the Denver campus are part of the merit cycle. Those who meet the requirements will receive a letter letting them know they will see an increase before the end of the month. Classified staff employees received a 3% across-the-board base-building merit increase effective in July 2022 and are not eligible for this pool of money. To find out more, including all eligibility requirements, visit the FAQ webpage.  

The January increase is in addition to one-time, non-base-building payments, eligible employees received in October.  

Increase for Lecturers

The implementation for increased pay for some lecturers continues in January. A 6% increase to base rates from FY 2020–21 was approved last year. Some schools and colleges gave these raises in FY 2021–2022 and some schools and colleges are doing this in FY 2022–2023. Those lecturers who will see an increase will be getting a letter in early January with details. For more information, click here.  

Minimum Wage Bump

Hourly employees will also see their wages go up next month. The hourly market minimum wage will increase from $15.87 to $17.29 (an 8.68% increase) effective on Jan. 1. The federal minimum wage sits at $7.25.  

RTD EcoPass

In case you missed it, free access to the EcoPass has been extended to December 31, 2023. If you have an existing pass, you will need to get a new one before Jan. 1, 2023, to be able to use it. Employees can pick up a pass at the Transportation Services Office (777 Lawrence Way, in the 7th Street Garage). The hours are Monday through Thursday, 9 a.m. to 2 p.m. and Friday, 9 a.m. to 12 p.m. (noon) and the office will be closed from Dec. 24 to Jan. 2. Student passes are not affected and are covered through July 31, 2023.   

Tax Information and Help

Human Resources would like to remind everyone to ensure the home address in the employee portal is correct. This might be a good time to verify pay information is correct as well, to ensure your W-2 and/or 1042-S forms do not include errors. A correct home address will ensure forms are mailed to the right location, and you don’t experience any delays. Changes should be made by Dec. 15 to provide enough time for processing. For more information click here.   

If you have any Human Resources related questions, please reach out to the team.