You are a row in a spreadsheet. Your performance is analyzed in detail: How many PRs you raise, how many lines of code you write, etc. If you work hard and score well, you might not be made redundant. You can be replaced by somebody with no experience on the product and little relevant technical knowledge (these must not be in the spreadsheet).
For a number of years there has been no money for pay rises. This year there was actually a raise, but it was below inflation.
Please don't give an Ivanti Response. Until I see a change, I don't believe that the feedback given here is being taken seriously.