Earlier this year, President Obama signed an Executive Order that raises the minimum wage of federal contract workers from $7.25 an hour to $10.10 an hour and that takes effect January 1, 2015. The Order not only raised the minimum wage of federal contract workers for the year 2015, but for every year thereafter, beginning January 1, 2016. The Secretary of Labor will determine the increased amount, each year. This Order affects 2 million contractors with future contracts with the federal government, but not existing contracts. The Order applies to contract renewals, but only if other terms of the contract change. Based on the Order, by October 1, 2014, the Department of Labor is to issue regulations, standards, and procedures for implementation of the wage increase.