I remember it used to be “Oh, not much in terms of payrises this year. The business isn’t doing so well”. Now they just don’t care enough to even lie to you.
It’s “Another record breaking year, amazing work team, except that team, you’re all redundant now. Also everyone else, sorry only 1% raise left for you from our record breaking year. Also, there’s now a whole team’s worth of work to pick up. Chop chop”
I’m not sure I’ve seen people fired for being too productive directly. It’s absolutely not a metric they care about though. I’ve seen them get rid of people that cost too much not caring how much product knowledge that they couldn’t hand over in any reasonable time with no suitable replacement.