Google's yearly raises are generally the same as Amazon I've learned, for what it's worth. The difference is the bonus and refreshers, and the fact that there are more evaluation periods with more achievement buckets.
Sounds like my employer, and I’ve been on-site for 1 year. Their excuse for 2% raises was that the economy was bad, despite record earnings and productivity during the pandemic. Now that inflation is 5%, I’m gone with another 2% raise.