Does rewarding top performers during annual ceremonies, improve their productivity at work?

Not only it does help "top performers".In addition, even other employees will get motivated and encouraged to work hard so that they can be rewarded too.   

Recognizing, praising, and rewarding your employees for their achievements in public is one of the best motivation tools.

Thank you for your invite. I cannot say with determination that facilitation on the annual ceremony will improve their future productivity. It will definitely motivate him to work hard to retain the top slot.   

of course, is  important factor and good motivation,

yes sure it does and also it gives motivation to the rest of the staff members to work hard and achieve the work place goals

Motivation is one of the key factors to improve employee productivity. increase retention rate and produce a healthy competition among employees. However, I think that apart from annual ceremony there should also be a quarterly event where the best performing employees are recognized for their efforts, it does not have to be very costly depending on the company's budget. It could be something as simple as handing out performance certificate and a restaurant voucher or more but it all comes down to the budget allotted to such activities.

By sure!  

Rewarding employees for their achievements in public is one of the best motivation tools not only for the rewarded employee but also for others.

 Yes, I agree with my sister virtuous

Yes, that is a great incentive not only to "top performers" but also to all employees. Human kind by nature like to be appreciated and that is one of the best ways to increase the productivity at workplace, to guarantee the loyalty and commitment of employees.

Yes, this is a great motivating factor in such a way that you are boosting their ENTHUSIASM and acknowledging their beneficial contribution to the growth of the company. When an employee feels he belongs, surely he will give his best and be productive. As they always say " A MAN CAN SUCCEED AT ALMOST ANYTHING FOR WHICH HE HAS UNLIMITED ENTHUSIASM." 

Yes it does to some extent .Many become complacent and start undermining their job.But every coin has another side which is more beneficial , yes many employees who really work  with aplomb get the required inspiration. They not only start respecting their employee but also gives a special status to the organisation.And you know the worst player can be made the best with constant inspiration.