Well I'll be the dissenting voice then.
Face it. You're getting fucked over.
To those who say "the pay rise will come in the future" it won't.
The senior management will fuck you over every single time.

If they want you to do the job (which is obvious they do) then they should pay you according to your skills and expertise.

I was faced with the same decision a few years back, got fucked over by the company and I won't let another do it again.
(zebby wasting irony here on, Mon 14 Jun 2010, 14:09, Reply)