wage increase vs hike

wage increase and hike both are nouns.

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

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

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

wage increase (noun)	hike (noun)
the amount a salary is increased	a long walk usually for exercise or pleasure
	the amount a salary is increased
	an increase in cost

wage increase (verb)	hike (verb)
	walk a long way, as for pleasure or physical exercise
	increase