Someone making $20,000 who gets no increases for the first four years and 5% on the fifth. First four years $80,000. Fifth year $21,000. Total income $101,000 plus this person is making $248 less in the fifth year than the person who had yearly increases. This is money that will never be recovered unless people are given occasional raises that exceed the inflation rate over the time they never received raises.
The equivalent to 1.5% is 7.7% - not 5%. So if they got 7.7% they would be making exactly the same as they would have if they got annual raises. Making up for the $2,128.38 differential requires that you set a period in the future where this different should be made up. Let's say 5 years works out to $425/year or an additional 2% which brings the raise up to 9.7%. $15 is a 30% increase which vastly outstrips anything that would be justified based on 'catching up to inflation'.
As for what people "deserve" to be paid. We live in a free market society where prices are set by supply and demand. The only time people don't
"deserve" what they are paid is when the government interferes. They tried to create society where everyone got paid what they "deserved" in the USSR. It is not work out so well.
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