Re: up to a 20 per cent pay cut overnight... For many, the cost of their current mortgage
Permanent staff have tenure. Their employer can't simply get rid of them in lean months.
Sure they can. The consultation period is now 4 weeks and only triggers if you're making more than 100 redundant at a time. Tenure is something professors have, not employees. Your only job security, despite what a union rep may tell you, is your ability to attract a replacement employer at the time you leave your current role. Anything else is bullshit. And that applies to contract and FTE.
Contractors typically work on short-term (e.g. 3 months) contracts that the client need not renew.
Most of the contractors I work with have been at the bank longer than I have.