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I suppose your colleague has more leverage. It’s just how business works
Sorta. If OP's colleague had half a brain they'd leave. A good company wouldn't wait til resignation
Raisee are different than promotions, so hopefully you're still good. If you don't get one, it's time to start looking elsewhere.
I quit my last job. When I handed in my notice, the way they handled it confirmed some reasons why I was leaving in the first place.
Chief
This is your sign to get a new job
Your employer is shortsighted and cheap (as opposed to frugal).
You can't control what they do, only what you do.
Try not to compare yourself to your peers, it looks bad to your manager and can lead you into a negative headspace.
That said, if you're working hard, producing, and getting nothing, you should consider moving yourself.
At the very least, update your resume/LinkedIn, and start researching potential companies.