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Had the exact same situation (weird) and I decided to stay. Was promised shares in the company (25%), flexible hours and other benefits. Got a shitty pay for 3 years. Never seen any shares or contract.
Saying that, you never know, it depends of the risk you're willing to take. High-risk = High-reward
remove32604yDo you want to take lower pay and potentially worse conditions now in exchange for a chance of something better/more lucrative that the position may become or do you want a position that doesn't involve gambling with your future, better pay now, potentially better conditions now.
Just me but I'd rather take the new job. When a company starts to pull back on benefits it's concerning
Wack64124yNow you have to ask yourself, do you belive in the potential for success enough to work your way through it? It might take a few years simply as budgets get made anually and it takes one to two years even with a good product for people to noticed you.
If so, go for it, but get your shares/remote working, etc. In a written form a.k.a. as a contract.
Otherwise jump ship.
Ask for what you want, insist on a contract and tell them you have better options than gambling. If they can't give you a contract, leave. It should take at most 5-6 hours for them to make a decision and write a contract so don't accept stupid excuses.
I ended up leaving :) been at my new position for two months