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Definitely push back. Trust me - they'll keep coming up with excuses until you resign...THEN they may offer the bump. Happened to me frequently. I changed admin positions with many companies until I found a place that valued my skillset. Now I'm just under six figures.
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I'd definitely push back. Your not getting work in 6 months, you're getting it now. I ran into a similar trap where I had a title change and it adjusted some of my responsibilities, but didn't actually take away anything. I accepted it because they said another portion of what I was doing would be reduced to balance it, but 6 months in and nothing changed. When I brought up a salary adjustment at that point they refused saying it wasn't in the budget so I told them they had to demote me.
Both. To push back you should also be prepared to walk. You could potentially find something that you go to & use as leverage for an increase. It's quite possible that they are willing to let you go for a "cheaper" hire.
The problem with pushing back, you want to do it politely and not too hard or you might find yourself on the unemployment line with the thousands of others who are looking for work and the many others soon to be laid off.
Congratulations on the promotion although even without a raise, I would consider myself lucky to still have a job and the company possibly considering the pay raise in 6 months.
Within the 23 months and 1 day of me being with my last permanent employer, they went through 3-4 layoffs / position eliminations and then a bit over a year of hiring / wage freezing before finally closing and declaring bankruptcy. I did not care about the pay raise as long as still had employment.