I will translate. "You have no reasonable ability to get another job because the market is in a slump, so take a 5% pay cut after inflation, and deal with it."

Companies usually make no effort to hide how they feel about their staff, so pay attention. And don’t look so surprised when it’s “I can get another one if needed”. Outside the head shed, where politics and money rules, it’s all fungible. And the head shed power trip is reasserting itself.

Take the compensation and be content or find someplace where you can be happy. Hopefully, it’s not a case of well-paid or happy, pick one.

Another possible translation: "You should feel so fortunate you weren't among the masses we laid off that you don't need a raise."

I presume they already cancelled bonuses as well, yes?