Meaning of the word "pay raise" in English

What does "pay raise" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

pay raise

US /ˈpeɪ ˌreɪz/
UK /ˈpeɪ ˌreɪz/
"pay raise" picture

Noun

an increase in the amount of money you earn from your job

Example:
I'm hoping for a pay raise this year.
The company announced a 5% pay raise for all employees.