This year, many workers can expect bigger paychecks as companies respond to higher costs by passing them on to employees. However, the modest pay bumps might not be enough to keep up with rising prices.
Instead of a reflection of job performance, these pay increases are often linked to the rising cost of employer-provided healthcare plans. This means that even if you get a raise, it may not go as far as you think due to inflation.
Source: https://www.marketwatch.com/story/this-is-whats-cutting-into-your-pay-raise-if-you-get-a-bump-at-all-c07b4e59