Don't know if you guys remember but a while back I got put on consultation. They've made my job redundant. Anyway, upshot is I have been promoted and my boss has left. They are, however, paying me 60% of what he was getting and I will have to do both jobs. I have wanted this job for years, but now I have it it feels tainted. Sorry I know it's a 1st World problem.
Is your firm cost cutting elsewhere ?
If so, I'd console yourself with the fact that it's the way things are at the mo.