Pay is not monitored or reviewed based on current times. People are hired into positions making far more than what current employees in the same position make.
Work life balance is reserved for hourly employees only. If you are salary you are not allowed the same flexibility. Example of this is requiring salary employees to be in office several times per week while hourly work from home full time. So if you are a manager, you have to be in office while everyone who works for you is home. It doesn’t make sense.