Question related to full-time job and part time degree. Let's say I am working in a firm related to my current part time degree in terms of the industry. Will we see a significant rise in salary once the degree is achieved?

Will we see a significant rise in salary once the degree is achieved? Or will the pay grade rose as per normal yearly increment under diploma "paygrade"?
Understand that the current job scope that I am handling does not require a degree. Thus, will be unnecessary to increase the salary just because degree is attained.
Hence is there a need to job hop/ change department in order to gain an increment to degree "pay grade"?
What are the market practice for such cases?
Any advice on the matter?

I think alot of factors are in play....

Industry and individual company policy
Company/department's allocated budget for staff salaries
Position/perspective of HR as well as line manager

Being a conservative guy, I would not count on a big increment without having prior chats with HR/Line managers or check for similar past cases in the same company.

In the worse case scenario that the expected increment is not realised, I guess one could check for opportunities for interdepartment transfers in attempt to renegotiate renumerations or check out market levels (could raise this in the next review with your manager while keeping a look out for any better external opportunities not only in terms of renumeration but prospects of progression as well)

With the current macro climate, its probably not the best time to bang the table for increments, but in your case theres likely no harm in having small chats with your HR/Line manager.