People don't realize they can ask for a raise.
Yes, talk to your manager. Say that you aware that you are being paid less than new hires and would like to be paid accordingly.
You'll either get a raise or you won't.
You're only recourse if you don't like it is to quit.
But you can't be fired for asking for a raise.
(I also don't get the 1.2% raise. And even then they ripped you off by a penny since that rounds to $19.23)