[greedo]

While opaque companies might not release raise figures, everyone generally knows that a promotion involves a raise, in addition to any status bump (assuming no real increase in responsibilities). So promotions can serve as a proxy for raises, causing the same ego issue.

[alayek]

You'd be surprised.

I have a friend, whose team had this policy - no raise with promotion.

He got a promotion with no raise. When asked, his manager said, "you shouldn't work for money. You should work for the learning experience."

He resigned in a month. And this was not some random fringe start-up - one of the biggest companies in the world, with over $100B in market cap.