average that we are allocated for merit increases at my tech employer is 3% per year plus some extra $$ for promotions and occasionally some "Special Market Adjustments" if they find that certain job codes in certain geographies start lagging relative to what other companies in that area are paying so they can bring those salaries up. But given the merit-based nature of the increases, this 3% means that a few people will get 5-6%, most will get closer to 2% and some will get less than that or nothing at all. For a promotion, in the past few years that usually amounts to ~5-6%, plus if you are getting a promotion that means your performance is on the high end so your merit increase will also be 5-6%, and you will end up with a 10-12% raise.

We have had smaller budgets and larger budgets than 3% in the past. Right at the market crash in 2009 they had 0% one year- no raises. A few years before that on a good year, I got a promo and they also had some SMA allocated and I ended up with a 22% raise.