Payroll is a date. The money has to be in the account on that date, regardless of what the ten-year yield did in the morning. A rate story that forgets the calendar is writing about markets. A business story that forgets it is writing fiction.
Higher reference rates change the cost of carrying a balance and the willingness of a lender to extend one. They do not, by themselves, change a signed wage. The wage changes when the owner changes it, or when a contract says it changes.