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If the increase is just for certain people ( including me ) who really work hard and effecient then thanking is necessary and having self satisfactory that we were appreciated which encourages us to do better in the future.
But if it is for everybody including the ones who don't take their job seriesly then it will not be fare and won't give appreciation that it deserves. Thanking will be there but with pain.
Try to react in a similar way when your management says that they are going to fire you. You don't shout at your managers in anger even if you want to. You simply control your emotions. Similarly if salary increases show your management that you are happy by thanking them, but don't over react.
