It's not a 16% raise. If your employer offers to increase your pay by 10% over the next 10 years so that in ten years you are only making 10% more than you are now, would you consider that a raise? Should we all scream how it is ridiculous that you are getting a 10% raise? It's a stupid argument isn't it? But you throw it out there anyway which makes you either a major troll or just completely unwilling to take the time to do the research so you can understand what the 16% covers.
The real problem is it is a raise in costs, with no corresponding increase in output. So all it does is add to inflation.
I usually get a small to medium raise at the end of each year, depending on my performance. In return my company gets a more experienced engineer each year. Ive gotten two promotional raises in 14 years, and for that the company gets more work out of me in a managerial sense.
Raises like this just add to costs, with no return on productivity or results. They are basically cost of living adjustments, which are needed due to inflation, which causes the need for cost of living adjustments. Do you see the cycle here?