Without late fees there is no incentive to pay on time. I don't understand the rationale to remove them entirely, though regulating maximums makes sense.
It definitely depends on your job and your industry. Coming up on 9yrs. Pay has climbed from ~$35/hr to $70/hr plus bonuses via promotions and yearly merit. Note that's hourly so none of the "oh you are salary so you really work 60 hour weeks but get paid for 40" bullshit.
Gotta follow at least one of the two rules