People in general switch companies for multiple reasons that include but not limited to hike in pay, new learning opportunities, increase in the scope of their role, new environment & new challenges etc. In my humble opinion, switching jobs continuously to increase their pay scale, may not be in one's best career interests. Here is my 2 cents and obviously I have some general assumptions.
One should move on from a job/company only when one feels stagnated with no options for further learning and growth, apart from a bunch of other possible reasons. When one is motivated by sheer monetary reasons for a job switch, one may lose the big picture often. The new place that offers better monetary rewards may not necessarily offer problems that one would like to solve or the culture of the place may not be in sync with one's expectations.
Stay in a place that challenges you the most and where you don't spend a minute learning something new. Create a path breaking impact and amplify your impact to the world around. I'm sure if you a like the place where you work due the opportunities it offers or the highly talented bunch of coworkers whom you work with, monetary rewards may not weigh much in your mind. Always pick a piece of work that excites you the most and something that pushes you to make yourself explore the untapped potential inside you.