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Usually the "existing pay" is not up to market value. Still if you stay with a company for more than 5 years you are losing money.
Pushing back doesn’t seem to work from what I’ve seen over the years. If you really want to make more money you have to switch companies.
You won’t see the same spike in pay staying put. You are more than free at any time to start applying and make sure you are getting the best salary you can. The only time you have any leverage to push back is when you have an offer in hand.