What do you think about climbing the corporate ladder? Is it a zero-sum game? I.e. No room for progression unless your immediate superior resigns or gets posted somewhere else. Or is joining a new company the only way out?

True progression comes from income growth. Honestly, the title means little when your income does not reflect it. Sometimes, staying at a certain level is better than climbing. Musical chairs at the top are not uncommon.

In your particular case, you might be better off seeking progression elsewhere. Given that you can envision some level of ceiling, you might have outgrown your company.

No harm testing the market. If you truly cannot get an offer that is proportionate to your peers, you know where you stand.

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For a big MNC, with multiple offices, and tens (or hundreds) of thousands of employees globally, i think other than the top few positions (CEO, CFO, CTO), you are hardly limited in progression if your boss doesn't move. The pyramid is just wayyy bigger with multiple pathways (if you willing to relocate).