Understanding how your pay works with the Contractor Co-op
It is important to remember that the Contract Rate offered to you by your agency or end client is not the same as your Pay Rate from the Contractor Co-op.
Your ‘Contract Rate’
Your ‘Contract Rate’ is the rate at which we invoice your agency or end client for the work you have done.
You will not be paid at the ‘Contract Rate’.
The Contractor Co-op will invoice your agency or end client for the value of your services based on your ‘Contract Rate’ plus VAT. The net of VAT amount forms the basis of your pay calculation.
We will retain an operational costs allocation of £27.69 per week or £120 per month, depending on your payroll frequency.
The balance will be split between the various salary elements which you will see on your Payslip;
Basic Salary – based on the National Minimum Wage and the hours you have worked,
Holiday Pay, and
Pension contributions, providing you are eligible and haven’t opted out.
As an employee of the Contractor Co-op you will have:
Full employment rights.
Entitlement to Statutory Payments – sick pay, maternity pay etc.
Insurance protection – professional indemnity, employee liability and public liability insurance.
The opportunity to become a member of the Contractor Co-op which means that you can have a say in the operation of Contractor Co-op.