Yeah, when their contract is up they will get a raise right out the door.
Check it out:

President Obama on Wednesday signed an executive order that will raise the minimum wage for federal contractors to $10.10 per hour.

In a ceremony at the White House with workers that made at or near the federal minimum wage of $7.25 per hour, Obama vowed his move “will make a difference for folks.”

“Right now, there’s a dishwasher at Randolph Air Force Base in Texas making $7.76 an hour. There’s a fast food worker at Andrews, right down the street, making $8.91 an hour. There’s a laundry worker at Camp Dodge in Iowa making $9.03 an hour. Once I sign this order, starting next year, as their contracts come up, each of them and many of their fellow co-workers are going to get a raise,” Obama said.