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Permanent to contract?

  • 11-06-2019 8:52am
    #1
    decisions79
    Registered Users, Registered Users 2 Posts: 2 ✭


    I am currently in a permanent engineering position in a MNC for about two years. It's a decent job but the problem is that the location is all wrong and far away from my home.

    I have been on the search for another job but they aren't the most plentiful, especially in the location that I am looking. I have been contacted by a company about a contract role in my field that is all remote work. This seems perfect from me as I can be at home.

    I have been given the hourly rate, which is a lot of money, easily well above my salary going by rough calculations. Saying that, I actually don't trust my calculations here and I am sure I am leaving something out.

    Currently, I have no dependencies on myself. I am young, have no debt, no spouse etc so that wouldn't be a problem.

    Are there any pitfalls or questions I should ask about the contract role before I jump into anything?


Comments

  • #2
    OMM 0000
    Registered Users, Registered Users 2 Posts: 3,733 ✭✭✭OMM 0000


    How long is the contract?

    Do you live with your folks or pay rent/mortgage?


  • #3
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,290 ✭✭✭✭Mrs OBumble


    Calculate your hourly rate in your current job by dividing salary by 2000.

    Roughly speaking, your hourly rate on a contact role needs to be 2 times this for contracting to be worthwhile. That's if you are a real contractor ( self employed, getting paid on invoices, handling your own tax).

    Now if you're just going to be a temporary employee .... different ballgame. You need to factor in the risk of being made unemployed with no redundancy payout when the contract ends.


  • #4
    decisions79
    Registered Users, Registered Users 2 Posts: 2 ✭decisions79


    The contract is 6 months with possibility to extend apparently. I rent a room currently so I am free in that regard.

    The hourly rate for this is nearly three times my current hourly going by your formula MrsOBumble, so that is good.

    I have to deal with my own tax and have been told there are many ways to do it through umbrella companies etc.

    The strange thing is is that the contract is going through a recruitment company so its me -> recruitment company -> actual company -> their customers.

    Apart from the instability of it, one concern I would have is if I am actually good enough? I thought contractors generally were people with MANY years of experience, say over 20. No?


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