wage increase vs increment

wage increase and increment both are nouns.

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

As nouns, increment is a hypernym of wage increase; that is, increment is a word with a broader meaning than wage increase:

Other hypernyms of wage increase include increase.

wage increase (noun)	increment (noun)
the amount a salary is increased	the amount by which something increases
	a process of becoming larger or longer or more numerous or more important