About 2 million workers across the United States receive a 70-cent hike in their federal minimum wage Thursday, from $5.85 to $6.55 per hour, according to the Associated Press. It's the second in a three-tiered increase as part of a law passed in 2007. Next year the federal minimum will climb to $7.25 per hour.

Small businesses may choose to pass the cost of the increased wages on to consumers, according to the AP, while many businesses already pay more than the lowest wage.

The federal increase won't catch up with the 23 states that have a higher minimum. Experts say next year 5 million workers will see a boost because $7.25 will meet or exceed their states' minimum. --Elizabeth Wilson