Of course the business owner will potentially benefit more from your increased productivity. And they should match your productivity increase by rewarding merit

Of course the business owner will potentially benefit more from your increased productivity. And they should match your productivity increase by rewarding merit and compensating you for that. If you're in a work environment that reward merit and pays for higher productivity, the problem is with the place and you should move if your conditions permit. It's not an excuse to do the bare minimum and not strive to improve.