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Contractors earn more!

08.04.14

You can earn three times the amount of the average salary by being a self-employed contractor, according to a recent study.

The Professional Representation Network (PRN) conducted the research, which says the average annual income of the top 100,000 contractors in the UK is currently around £80,000 – the national average salary is around £27,000.

'These findings illustrate the healthy state of contracting in the UK today. Such high levels of earnings suggest that for an increasing number of highly skilled professional people, working as a contractor is now a very attractive and rewarding career choice,' said Kristian Gourlay, Director at RPN.

'Most people recognise that the days of a 'job for life' are over, so their perceptions of the risk/reward balance of being a self-employed contractor versus permanent employment are shifting.

'Increasingly, what we are seeing is that many of the best opportunities as well as the highest pay are going to contractors. More and more employers are choosing to engage workers with the expertise they need on a contract basis rather than recruiting permanent employees for the most highly skilled and best paid roles.

'As UK business moves towards higher and more specialised skills, and areas like technology, finance, energy and engineering continue to grow, contractors' earnings should continue to outpace those of employees.'

According to the study, just fewer than 20,000 contractors from London have average earnings of approximately £120,000 per annum.

More and more professionals are choosing self-employment as a career choice. Last month, figures showed that the number of self-employed workers in the UK had risen by 211,000 to 4.46million in the previous quarter – the highest level since records began in 1992. However, in the same amount of time, the number of employees in the UK dropped by 60,000 to 25.49million.

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