A wage increase refers to an increase in the amount of money that employees receive as compensation for their work. This can be given as a one-time bonus, or it could mean a permanent adjustment to the employee's salary, where they will continue to receive the increased amount on a regular basis (such as annually). The purpose of a wage increase is typically to reward employees for their hard work and contribution to the company, while also helping to retain them by making their compensation more competitive in the market.