I find this discussion quite fascinating. You are not going to get a pay rise but you still have a job. In the current conditions can you tell me why that is a problem?
If you were made redundant then you would have lost your job and no one else would be particularly bothered.
If PM is made redundant then he will have lost his shirt and ALL of you will be out of work.
Speaking as an ex-Laker employee, I want my boss to be making lots of money because, if he is, then I am going to do all right.
Do you really want to work for a loser?