Where Did My Raise Go?

Shrinking paychecks are the new reality for many Americans. How global markets and a weak economy are affecting how we work--and how much we make

Tod Raphaely was flying high four years ago when he was named European sales manager for Raltron Electronics and saw his salary rise to $115,000 a year. Raphaely, now 43, remained upbeat when the tech bubble began to leak air and he was reassigned to the Miami headquarters of the manufacturer of computer and cell-phone parts. He and his wife Wendy bought a condo and renovated the kitchen. He didn't panic when he and several other Raltron employees had their pay cut 10% in the fall of 2001 and another 10% the following spring. "We were hoping things would get better,"...

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