Plan ! is not a bad idea but many things have to be considered.
How many employees are there?
Can your boss increase wages without impacting others?
Are you certain he will listen/
Plan 2 is OK
Get a job and plan to quit if your current employer does not increase your salary.
There are many variables in this situation which you need to check out and think carefully.
Take a deep thought,analyse all angles before venturing to discuss increase of pay with boss.inlcuding whether there is an annual increment,performance analysis of work etc in your company.