Usually means: Increase in employee's monetary compensation.
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We found 6 dictionaries that define the word pay rise:

General (6 matching dictionaries)
  1. pay rise: Longman Dictionary of Contemporary English
  2. pay rise: Collins English Dictionary
  3. pay-rise: Wordnik
  4. pay rise: Cambridge Advanced Learner's Dictionary
  5. pay rise: Wiktionary

Definitions from Wiktionary (pay rise)

noun:  (UK, Ireland, Australia, rest of Commonwealth, sometimes Canada) An increase in salary or wages.

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