January is usually the month that companies and universities announce an annual pay raise for their employees.

I would like to know if you receive an annual Merit pay based on your past performance?

Or do you receive an annual Cost of Living Adjustment (COLA) pay raise based on the past inflation rate?

Or do you have to negotiate your own pay raise each year? Or do you not normally receive an annual pay raise?

What are your thoughts about the annual pay raise process in general and also at your workplace?