Biden signs executive order raising minimum wage for federal contractors to $15 per hour

President Biden signs Executive Order 14026, requiring federal contractors to pay a $15 minimum wage to hundreds of thousands of workers on federal contracts. The order also eliminates the tipped minimum wage for federal contractors by 2024 and ensures the minimum wage is indexed to inflation so it automatically adjusts annually after 2022. The action covers outfitters and guides on federal lands. Labor advocates call it the most significant wage action for federal contractors in decades.