Semantics. He didn't get money that he would have received otherwise. I think it's fair to say he lost money.

Getting a raise less than the rate of inflation is losing money. His purchasing power declined.

The article does not make the claim that his raise was lower than the rate of inflation. If it was, then yes, it was effectively losing money.

From the article: "my yearly salary increase was the lowest ever, and significantly lower than inflation"

Well, I look like an idiot now. That's what I get for not going back to reread an article before making a claim about what it says, I suppose.