The simplest explanation is that, as a manager, he doesn't want employees asking for raises, because this can trigger a wave of people asking for raises, which

The simplest explanation is that, as a manager, he doesn't want employees asking for raises, because this can trigger a wave of people asking for raises, which can result in significant increase in expense, and/or significant decrease in morale if the employees don't get what they want. This concern overrode his other concerns at the time he was speaking live in front of a crowd.