A pay increase to emerge (5)
I believe the answer is:
arise
'emerge' is the definition.
(thesaurus)
'a pay increase' is the wordplay.
'pay increase' becomes 'rise' (I've seen this before).
'a'+'rise'='ARISE'
'to' acts as a link.
(Other definitions for arise that I've seen before include "Occur; stand up" , "Tower" , "Crop up" , "Originate; get up" , "Get or stand up" .)