wage increase vs wage hike

wage increase and wage hike both are nouns.

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

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

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

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