Refusal of employee request for early raise

Although the company appreciates all that you have pointed
out in your letter, we do not believe a raise is in order at this
time. It is the custom of [Name of company], to review all
employee benefits and compensation in [month], at the end
of the fiscal year.

Certainly, at that time you will be considered for a salary
increase, providing the production figures for your division
are significantly increased.

Very truly yours,