hm. sounds like the company is in dire straights, then, if it cant afford to give anyone a raise.

I once was offered a bonus if I put in some overtime on a work assignment. So I did and they paid. Ok, come the end of the year at the normal bonus time, I was told I had already gotten a bonus.

That sucks OP, but at least your boss was honest rather than stringing you along with false promises of a raise "soon"

That happened to me at my last job. I did what they said and found a new job at almost double the pay! The old job still calls me from time to time asking if I would ever consider coming back, so I guess they know they fucked up. Good luck OP!

It's illegal for an employer to promise someone something and then retract it, due to promissory estoppel... That's why you should always get everything in writing

Don't you know, keeping your job is the new raise.

Next time always remember to get that kind of thing in writing.

Take his advice and start looking for a new job.

Well then leave, because either the people there are douchebags or they might go bankrupt anyway.

Statistically, people who switch jobs at least every three years tend to be paid more than people who don't switch jobs. It's always good to be looking.