This reminds me of what happened at my last job towards the end of the lockdown. Previously, you started at a certain wage and increased a specific amount every 500ish hours, up to a limit. The last "raise" was only like 4 cents, but you still had to work the extra 500ish hours to get it.

Well, the company decided that they weren't paying enough to be competitive, so they suddenly raised everyone to the top rate. This put people who just started their very first job at the same pay rate as the people who had been there for multiple years. Their "solution" was to give the long term employees a one off, taxed, check for $200. To say that people were angry would be an understatement.

Personally, I think they should have just increased everyone across the board, especially after previously bragging about making record profits multiple years in a row.

IMO, when someone else makes more, it gives me room to also argue for more. Otherwise, why not go to another company that will pay it? Getting angry at the guy with the raise won't give you one. Inflation will still happen.