Can we expect a huge hike considering the number of resignations followed by the number of associates being laid off.

On the contrary, you should expect a salary freeze.

When times are so tough, and budget is so tight, that company is forced to do mass layoffs or deal with mass attrition, they won’t want to spend much on increments.

If financial conditions weren’t tough, the company wouldn’t have done mass layoffs in the first place. So in the current dire situation, expect salary freeze & zero hikes.

That's the opposite of what you should expect buddy

No