It will plateau though. You can't get 10-20% bumps every time you switch in perpetuity. Most of us would be making over a million a year after 40 years if that were true.

Just as a counterexample, my job changes early in my career netted me raises of sometimes 50% but each subsequent one increased less on a percentage basis. My last job change (now have 20 years experience) was +0%, and I give even odds that it will turn negative soon as I get older.