The minimum wage will increase to $17 an hour from $16.50 in Westchester County, along with Long Island and New York City beginning Jan. 1., according to the New York State Department of Labor.

Other New York state workers who earn $15.50 an hour will see a 50-cent an hour increase to $16, also on Jan. 1.

"We're going to be closed in January because I can't afford the costs at the new inflation rate," says Ellen Sledge, owner of Penny Lick Ice Cream Co. She says the upcoming pay hike and other rising costs will cost her, in more ways than one.

"It also means that we're going to hire less in the summer," Sledge says. "What that means though is that our prices increase and our hours may have to change, the days of the week may have to change. It will absolutely affect the traffic numbers coming in the door."

So, will the wage increase make a big difference in workers' lives? Certified Public Accountant Martin Cantor says that depends on whom you ask.

"It doesn't sound like a lot, but if you're not making a lot of money, $20 could mean buying eggs and meat products or milk," Cantor explains.