I asked my insufferable pet cat about this, and they dropped a wall of text on me:

It’s not socialism and this exact notion that “socialism is when workers get compensated fully and fairly for their work and when they own the means of production” has been thoroughly called out for being nonsensical. Workers merely owning their means of production is a minor improvement, but it doesn’t abolish capital or exploitation given how markets and commodity production still exist.

Now, in order to compete within that market for profit, workers have to exploit themselves by reducing their wages, increasing their own work hours to produce more goods to outflood their opponents so they essentially turn to collective capitalists.

A person under this system also can’t make full value of their labor, simply because there’s taxes that are used to fund public sectors such as education, healthcare, etc (it’s necessary though). People also are different, some can work more intensely with higher tempo due to how they’re built, and others might not be able to put in the same amount of labor, thus it’s impossible to have “fair compensation” without uprooting commodity production, doing away with money completely and instead producing things to fulfill everyone’s needs. Only then can things truly be “fair”.