President signed an executive order that will provide a pay bump to thousands of workers, some who make as little as $10.95 an hour

Joe Biden has signed an executive order that will raise the minimum wage to $15 an hour for federal contractors, providing a pay bump to hundreds of thousands of workers.

Biden administration officials said that the higher wages would lead to greater worker productivity, offsetting any additional costs to taxpayers.

Related: Senate minimum wage battle could play out in midterm elections

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