Can a company not give you a raise?

I have worked for a company for 2 1/2 years as a Manager in Training. Last month I was demoted to an assistant manager. It is not time for raises and I was told that my .50 cent raise was denied. I just wanted to know is it possible for this to happen. I have not gotten a raise in over a year and now I was denied... show more I have worked for a company for 2 1/2 years as a Manager in Training. Last month I was demoted to an assistant manager. It is not time for raises and I was told that my .50 cent raise was denied. I just wanted to know is it possible for this to happen. I have not gotten a raise in over a year and now I was denied when I have bills and stuff. Please help me to figure this out.
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