First Contract Offer Advice

[digitalnomad]

Hello!

I've been offered a 12 month contract at a daily rate that equates (after I've put aside for pension and holidays) to just having 1 month left savings after the contract ends to find another contract. Initially I calculated that I need to earn twice what I used to be paid perm. Is that roughly how you work it out?

Thanks

[psychocandy]

Hello!

I've been offered a 12 month contract at a daily rate that equates (after I've put aside for pension and holidays) to just having 1 month left savings after the contract ends to find another contract. Initially I calculated that I need to earn twice what I used to be paid perm. Is that roughly how you work it out?

Thanks

So rate is crap then? Or are you're outgoings massive?

Not so good. Generally, contracts I do tend to net me double what I'd get as perm. Most months - unless its holidays etc.

So overall, taking into account the dear wife spending it, I'd look to, as a minimum, put away 1 month worth of warchest for every 3 months worked.

Of course, you do know even its 12 months they can probably server notice half way through or less if it suits them....

[psychocandy]

Hello!

I've been offered a 12 month contract at a daily rate that equates (after I've put aside for pension and holidays) to just having 1 month left savings after the contract ends to find another contract. Initially I calculated that I need to earn twice what I used to be paid perm. Is that roughly how you work it out?

Thanks

Pension. Don't get me wrong - important but then so are savings to pay the mortgage. Same with holidays. If you HAVE to take this gig then I'd suggest ensuring you can save a bit more if you can.

[northernladuk]

First off... Understand what type of contract it is. It sound very much like an FTC to me which isn't a good place to be. You are effectively an employee with all the benefits. Read the contract and understand it first.

[psychocandy]

First off... Understand what type of contract it is. It sound very much like an FTC to me which isn't a good place to be. You are effectively an employee with all the benefits. Read the contract and understand it first.

Ah yes could well be if its that badly paid. Worst of both worlds :-)

[OnceStonedRose]

First off... Understand what type of contract it is. It sound very much like an FTC to me which isn't a good place to be. You are effectively an employee with all the benefits. Read the contract and understand it first.

What's an "FTC" I've seen bandied around in a couple of posts but not deciphered yet and searching forum for "FTC" gives no results?

[PurpleGorilla]

What's an "FTC" I've seen bandied around in a couple of posts but not deciphered yet and searching forum for "FTC" gives no results?

Fixed Term Contract.

You are treated in the eyes of HMRC as an employee, but as a temporary worker you get none of the permie benefits.

Enjoy!

[northernladuk]

What's an "FTC" I've seen bandied around in a couple of posts but not deciphered yet and searching forum for "FTC" gives no results?

FTC is a Fixed Term Contract. It's effectively a contract of employment with a fixed end date. They are an abomination giving company's the ability to bin employees for no reason but not pay them for the risk and uncertainty. Sadly because of this they are becoming more popular.

https://www.gov.uk/fixed-term-contracts

You are probably using the search box at the top right which is next to useless. Use the google search method to search the forums as shown below.

https://www.google.co.uk/search?q=FT...OYN4PxUr7No7gO

Type the following in to google FTC site:forums.contractoruk.com

[OnceStonedRose]

Fixed Term Contract.

You are treated in the eyes of HMRC as an employee, but as a temporary worker you get none of the permie benefits.

Enjoy!

In reality we are all FTC surely?

Very rare, if ever, have I seen a contract advertised that doesn't the specify time envisaged for the project/contracted to be executed? Usually 3 month/6 month/ 12 month etc.... I've yet been put forward for a contract that states the determining factor as lines of code or expected functionality etc... Curious as to how folks here would differentiate?

[northernladuk]

In reality we are all FTC surely?

Very rare, if ever, have I seen a contract advertised that doesn't the specify time envisaged for the project/contracted to be executed? Usually 3 month/6 month/ 12 month etc.... I've yet been put forward for a contract that states the determining factor as lines of code or expected functionality etc... Curious as to how folks here would differentiate?

Not really.. We do contracts for/of service, with detail schedules of deliverable work.. it just happens to have an end date dictated by the amount of work we do. FTC's are a contract of employment without specifics that ends on a certain day.