I'd genuinely like to see the data on that for younger millennials and gen Z. From what I've seen, employers will keep their older staff at higher compensation rates, but will not match them for new employees, reducing their labor expenses across the board with new generations of workers.

For the working class, wages haven't increased much, but they haven't decreased.

Employers have long replaced older, highly-paid workers with new ones willing to work long hours for little pay. The new workers become old ones.