That's fine, as long as old fart gets more.
A % raise is the fairest way to give raises. That way everyone gets the same % based on their present salary, but not the same $ amount.
Consider this. Fedex decides they want to raise their rates. If they raise rates a certain %, everyone's rate will increase the same % based on the rate their package cost. If you raised everyone's rate the same $ amount, cheaper packages would increase a bigger %.
Example. Fedex raises rates 5%. $100 package goes up $5. A $20 package goes up $1. Very fair to everyone.
Fedex decides to raise everyone's package by $5. A $100 package goes up $5. A 5% increase. A $20 package goes up the same $5. That is a 25% increase. Is that fair to the $20 shipper?
It is the same principle on raises.