Is It Fair for Employers to Skip Pay Reviews for High Earners to Control Costs?

Naksh
Hello all, Seeking some advice here, please. My annual rating for AYR 2022 was concluded as meeting expectations, and BHR had also communicated that a merit increase would happen. However, I did not receive any letter, and when inquired, it was communicated to me that I am already at a high package. To control costs, a pay review isn't happening for employees with a high package. Is this acceptable? Does the employer have the right to not conduct a pay review given the situation/explanation above?
Naksh
Just to add, this is my second pay review, and I have been employed with the firm for over two years.
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