wage hike vs wage increase

wage hike and wage increase both are nouns.

Word	Noun	Adjective	Verb	Adverb
wage hike	Yes	No	No	No
wage increase	Yes	No	No	No

As nouns, wage hike and wage increase are synonyms defined as:

Other synonyms of wage hike include hike, raise, rise, salary increase.

wage hike (noun)	wage increase (noun)
the amount a salary is increased	the amount a salary is increased