If you think pay rises are happening with generosity elsewhere, rest assured they aren't. I currently work in a safety critical area for an oil major. My recent pay rises:
2008: 0.0%
2009: 0.6%
2010: 1.1%
2011: 0.8%
Hardly anything to write home about either. My management know damn well there aren't any jobs about so they have a free hand to bend us over and shaft us. Not exactly surprising that bean counters in other industries are doing the same.