I have been at this studio for about a year and a half, my first job out of school. Started with a low wage as a junior but improved immensely and they absolutely love my work. Good to note my speed has also greatly increased.

Needless to say they want to extend my contract. What caught me off guard is that they want to extend it with no end date, so basically I can stay until the end of time or the studio goes under. Super excited about that of course! I love the studio and the work is of a higher quality so great for a reel.

Now I get my new contract, the pay is basically the same as when I started. Which is low. But I've been working at the level of people making 30% more then me. The studio told me though that they don't have too much room in the budget right now but maybe more later.

My questions: How do I ask for a higher rate and would that be appropriate? Im talking an increase of 10k on top of the 2K they gave me ideally, but really anything more is better. Currently living basically paycheque to paycheque because my rent is insane in the city. Also is it common for a studio to extend your contract with the intention to keep you as long as they can/no end date? I'm very very greatful for that, but for me it doesn't quite make up for the low compensation. But also idk if this is common or not.

I don't want to leave the studio, I would like to stay for at least the next project. But yes, I do need a pay raise because my living expenses.