Would you leave proper work for a better paid contract

[Grittybum]

Just that really.
In a post that I like, not paid enough. Wouldn't say I am struggling, but almost, definitely need to earn more money longer term.
Have earned more in other roles previously. Long story as to how I came to be here (through choice).
Been offered a role elsewhere with a 20% pay rise. But it's a temporary contract - 10 months. Better benefits and pension too.
Obviously could be made permanent, and could be a move into a slightly different area which is good. Could open up new possibilities.
But, would I be in a state of panic from 6 months on.
I'm in my fifties, and am a single parent with little support (financial or otherwise). Have told my existing manager and asked if there's possibility to secure a pay rise in my current role, I would say it's highly unlikely they'll be able to match the new offer.
I am very tempted. Role looks interesting. Not managing anyone either after years of team leading. I've been in a similar position a few years ago but got a pay out from voluntary redundancy so had a nice pot to tide me over (still have most of it but obviously don't want to fritter it away if I am out of work at the end of the contract) and also secured some short(er) term contracts then.
Any experiences out there to help me decide...

It's a temp post,maybe I misled saying contract...

It does shift tax but Ive calculated in pocket increase... still significant. Hadn't factored in CB so thanks I'll check that!!!!

"This sounds exactly the same. I'd prob look from 6 months in. Any regrets?"

@Grittybum I think it was the right decision, otherwise I'd still be grumbling and underpaid in my old job. I might feel differently in 9 months' time!

FWIW my parents thought I was mad to leave the 'safe' role

@Grittybum Mumsnet posters are generally cautious about stuff like this, just bear that in mind! If your heart says go for it, do it.

If I'd have asked here I'd have been told I was insane but I'm very glad I did it.

What I'd also say is that once you're a few months in you'll know more about the lay of the land, the company position etc and maybe you'll get a feel for where it's going. You can certainly let them know if you like it and make it clear that you'd like to stay longer. Is the company doing well? Is it successful?

Also, why is it contract? Is it because they only need it for 10 months or is it that they aren't sure they need it? Or is it covering something that won't need doing in 10 months? Those are all important questions I thnik.

I've now worked out CB losses etc with tax and I'd still be a few hundred in pocket per month. It's a lot for me at the moment. I've had short term contracts before so think I can get more afterwards. I'm in a job at the moment that was a pay cut for me but has given me experience in another sector. This post takes me back to where I was a couple of years ago. Albeit not in a permanent post!

It's public sector. Project role. Not sure about extension potential. Company isn't going anywhere... but could obvs face cuts.

I wouldn't, but it depends on your role and industry and the market right now, for your location

We are in a slump in the UK right now, so err on the side of caution.

This post takes me back to where I was a couple of years ago. Albeit not in a permanent post!

In that case I would, it’s very difficult to move back to where you were having taken a step back. Having recent experience in the higher paid role will mean if they don’t keep you on you can look for jobs at that level and it won’t seem like a jump to new employers. If need be save as much of your higher salary as possible so you have a cushion but in your shoes I’d go for it.

I vote: Keep looking for better paid permanent work.

Contracting is for when the market is good and / or your commitments are low / you have a good financial cushion

In are 50s with kids? I think you'd be nuts

And for 20%? Super nuts.
I'd need about 50/100% to be tempted and I'm a high earner.

I'd have done this in 2019 when things were good. Maybe even in 2021 as my industry (tech) was booming.
Now? No chance. Unless it opens up a genuinely lucrative/exciting new career path. as it stands it's only a move into a 'slightly' different area?
The global economy is in the shitter.

MN is generally cautious yes but IMO the answer depends on current conditions, etc.

It's a temp post,maybe I misled saying contract...

having to piece together fragments of information makes it a bit difficult to give useful advice but I'll try.

youve said up thread it's a public sector role you'd be moving to, does that mean you get to keep continuity of service and pension rights? Those two things should be significant factors in your decision-making.

I can't imagine moving to a role that only lasts 10 months because the pension was better, unless what you're saying is that you'd still be in exactly the same scheme as before and would be getting additional employer contributions, in which case thst would be a reasonable decision.

Likewise if you move from a stable role where you've amassed over two years of service protection to a job that only lasts 10 months, you'd be sacrificing stability for a bit more taxable pay but not enough to compensate your service years (particularly given your age and family circumstances). if your service isn't broken due to the move, then thats a different proposition altogether.

I did some interim roles for a couple of years when the kids were younger until I found an ideal permanent one. They were all employed roles and well paid. Depends really if you feel you can get another after six months and how you feel about interviews etc. It helped my career as I got to try out working at different places without the commitment and work out what I did, and really didn't want from a job.

Would your current role let you take a ten month career break to do it?

I doubt it no

Yes apologies, don't mean to drip feed. Thanks for your input.

I've worked on and off for public sector (or similar areas where I've been able to shift pensions as I've moved).

Im currently NOT in the public sector and have a 5% plus 5% employer pension. Not good. Move would be 5% plus 27% employer contribution. A big difference. It would be going back to the public (ish) sector. I have a public sector pension that im not paying into at the moment as I have the pretty rubbish workplace one where I am.

I think, and I'd need to check, I could
Move my existing old public sector pension in. But perhaps not if a temp. Either way it doesn't matter really, I'd benefit from the 10 months. Other benefits are better too (holiday, other elements).

I think that I'd not necessarily be looking to stay (although I might if the project was extended), but I do wonder if it's a step back into public sector and better pay.

As someone has said. Applying for better paid jobs when am back earning what I was in my forties might be helpful!?

I am employable and skilled in a growing area. But obviously in my fifties.

That's what I was thinking re future earning potential. I'm really underpaid but did this current job for the love of it.