I. ratch ‧ et 1 /ˈrætʃət, ˈrætʃɪt/ BrE AmE noun [countable]
[ Date: 1600-1700 ; Language: French ; Origin: rochet , from Old French rocquet 'point of a spear' ]
a machine part consisting of a wheel or bar with teeth on it, which allows movement in only one direction
II. ratchet 2 BrE AmE verb
ratchet up phrasal verb
to increase something by a small amount, especially after a series of increases, or to increase in this way
ratchet something ↔ up
Raising the minimum wage would ratchet up real incomes in general.
The debate will ratchet up a notch on Wednesday when the Commission publishes its report.