hmmmm... With the title "Senior Associate engineer" i always assume the salary is at least 3k but for you getting 2k after 5 years working, is kind of demoralizing. No offense. I can only assume you're working in a SME company. Correct me if I'm wrong.

With the current economic downturn, plausible future inflation and influx of foreign talent, i suggest sign first (I assume there's no bond). Be alert and keep a look out for better opportunity.

Good Luck!