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There’s an official term for this, it’s called “inflation”, which was about 4.5% last year. If your raise was less than that, you’re actually worse off.
Definetly worse off and will be at least untill the new raises come into affect. Especially with new FT summer joiners especially new staff probably coming in higher than current staff 1/2s that will be making more untill raises hit.
At least you have a job.