There are many synonyms for the term "pay raise," all of which mean to increase one's salary. One common synonym is "salary increase," which signifies an adjustment to one's current income. "Wage hike" is another common phrase, particularly for hourly workers, as it references an increase to their hourly rate. Another synonym is "bonus," which can be given as a one-time payment or can be added to one's regular salary annually. Other options include "cost-of-living adjustment" or "COLA," which increase salaries based on inflation rates. Ultimately, whatever term is used, the objective is to reward an employee for their hard work and dedication by increasing their salary.