Sometimes it's not the workload and responsibilities. When things turn out well, there's definitely a token of gratitute for some loyalty. It's not that the boss is b****y or what. So you play your part as an employee and see the progress of the company.

If you see the company is progressing well, then it's time to ask for an increment as mentioned. Else, it's up to you. If it's still doesn't meet your job satisfaction, then it's time to change job.