Trending @Accenture; Mid-Year promotions and Hike?

My managers are saying in mid-year only variable payment is rolled out. No hikes and promotions are offered. Also, since last year's promotion didn't happen, they can't say for sure if current and previous year hike will be rolled out together or not. My immediate manager said to forget about that since new year cycle has already started (Sept2023-Aug 2024) Any thoughts what is true and what are the possibilities that can happen.