New York will greet New Year's Day 2014 with a new state minimum wage law in effect, the rate rising from $7.25 an hour to $9 an hour over a three-year period. The legislation was signed into law this past April 1.

The minimum wage will first rise to $8 an hour, then to $8.75 by the end of 2014 and to $9 by the end of 2015.

Meanwhile, under threat of a veto, the New York City Council is nonetheless passing a mandatory sick day ordinance that would require five sick days for all employees working in the city — paid as well if there are 20 or more employees in the company. Though Mayor Bloomberg has vowed to veto the bill, the council has enough votes for an override. The law is slated for an April 1, 2014, implementation date.