An interesting point PAF: it's not always just the market which dictates remuneration. For example, there are certain areas where people will happily tolerate paying higher salaries for a service, if they feel it's in their best interests (you can have your heart bypass done real cheap in Kenya, or you can get it done expensively at Royal North Shore). And there are certain areas where people are paid more because they control the purse strings (CEOs of poorly performing companies who retain their huge bonuses?).
Another interesting point: whether or not someone is perceived as being 'overpaid' is extremely subjective. The cleaner in the local shopping centre would probably think the checkout chicks are overpaid. I imagine that he/she almost certainly thinks I'm overpaid. Bill Gates though, probably couldn't give a stuff what I earn.
Therein lies the problem. For the public to be happy with my pay & not get upset about me getting a payrise, labour for my job either has to be in short supply, and/or they have to put enough value on what I do.