My friend, Apple Tree yard
The pay raise they are offering pales in comparison to the spectacular profits and rising inflation and much of it is tied to productivity increases. In other words, you are expected to work harder, just to keep up with inflation. Moreover, it doesn't become effective until next year so inflation will wipe out a significant amount of your gains. In other words, you are further behind before you even start.
What to do. Nothing! Just do your job. Remember, the company needs these COS changes to expand. It's rather simple. Really.