3.1 million minimum wage workers are getting a New Year's raise

As 2015 dawns, the federal minimum wage of $7.25 is being left in the dust by a raft of new state minimum wage hikes.

Twenty states are enacting new wage laws by today; the pay increases range from a few pennies per hour in Florida and Mississippi to a dollar or more in states like Massachusetts. Twenty-nine states, all told, will have minimum wages above $7.25 by the end of January.

Not to be outdone, President Obama has called for Congress to raise the federal threshold to $10.10 per hour, going so far as to issue an executive order ensuring government contractors are paid a $10.10 hourly minimum.

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