I've been the exact situation b4. I left fairly stable job (though contract) 4 a far more uncertain job (also contract) which offered almost 3x d previous salary. not unexpectedly, the company packed up only after 3 months, and yes i'm back in labour market.

Do i regret the decision? well. . .

Op, it depends on who you are as a person. Do you believe in planning for long term or short term?
There is actually something like a permanent job. Ministry and other govt parastatals are of a permanent nature. They don't pay much but you have peace of mind and a long term view to plan you future.
I know because I work in a state ministry. When I started the pay is peanuts compared to what my friends where earning in the private sector. Fast forward 5 years after, some of my friends have been retrenched. Some wants to join the ministries because of job security. Me, I already have a business by the side and my salary is like an additional pocket money. And the best part of it.... I work 3 times a week (mostly half days)

So Op, make your choice.

tendercharles: Let me break it down. He says if 80 x 12 = X, then X = 40 x 24

u really avent said anytin

mst he say evrytin,use ur head!! @op 4me i'll go wit d 80k,bcoz u might get fired anytym.

Contract work irrespective of the pay is modern-day-slavery.

For reasons earlier plaited, I will choose d 40k job. If my contract is not renewed at the higher end of pay, within another year I will cover the money and perhaps either remain further in that employment or use my earlier acquired experienced to shoot higher. If there is no element of permanence, don't touch it, except you are also configured in your mind for temporary stuff. IMO

Pls tell me where d company is,i mean d one of 80k.make i apply sharp sharp.no dulling

^^^ for reasons earlier posited....

acidosis™:

Too much economics..

i tire oooo. Make hin do the calculation and interprete am for us jor abi which kind assignment be dis one. Gosh!

Billyonaire: Let me break it down. He says if 80 x 12 = X, then X = 40 x 24

no be thesame tin?

If faced with that situation, which would you choose. The contract job is for a period of one year renewable based on perfomance. State reasons for your choice pls.

Contract work is better off if you can work hard! Because it can be renewable based on performance.. Use your head!

fyneconcepts: Does this have anything to do with Zenith Bank recruitment?

Nope

eagle,eye:
Op, it depends on who you are as a person. Do you believe in planning for long term or short term?
There is actually something like a permanent job. Ministry and other govt parastatals are of a permanent nature. They don't pay much but you have peace of mind and a long term view to plan you future.
I know because I work in a state ministry. When I started the pay is peanuts compared to what my friends where earning in the private sector. Fast forward 5 years after, some of my friends have been retrenched. Some wants to join the ministries because of job security. Me, I already have a business by the side and my salary is like an additional pocket money. And the best part of it.... I work 3 times a week (mostly half days)

So Op, make your choice.

I love this post. Some people are easily carried away by the initial pay that they forget other necessary factors to be considered. Enough advise for the poster, he should be able to take a good decision now.

valacious: Go for the 40k job. Been in your exact shoes before.

You must be kidding. Drop this your civil service(NCE) mentality.
Some people say civil service gives one job security yet they keep waiting for gratuity 5years after retirment when sharp boys don build house at 30 wey dem go use retire.

tailek:


no be thesame tin?

bt wit 40k,it'll take 2yrs 2 get wor 80k wud giv in a yr

Godson.Ade:
If faced with that situation, which would you choose. The contract job is for a period of one year renewable based on perfomance. State reasons for your choice pls.

WHOEVER TOLD YOU THERE IS A PERMANENT JOB?

Sammy107_d: Calculate the present value of an N80,000 annuity for 12 months using the prevailing deposit rate. Using the result, calculate the number of months it'll take to achieve the same on a N40,000 annuity. Your answer will be obvious after.

ESV n d making.

saintgwizard: In as much it is tempting to go for the contract job, but if am in that situation, I will go for permanent 40k. Reasons being, I bellieve the permanent one will give you a career path, the pay are bound to increase with time, you are in better position to make a long term plan. Working as a young person is not just about earning but learning.

Who says the contract job has no career too? Dnt be decieved! The increase on the 40k job might be insiignificant! Moreover, the 40k job is not to be relied on permnently! Take the contract job and Keep grussling!!!!

akintun:
Calculate the present value of an N80,000 annuity for 12 months using the prevailing deposit rate. Using the result, calculate the number of months it'll take to achieve the same on a N40,000 annuity. Your answer will be obvious after.]
Why calculate 40k annuity, when d job is not 4 life.

Annuities have limited terms. Perpetuities don't. The present value or a perpetuity is simply the periodic cash flow divided by the interest rate. Let me just answer the question myself. Assuming you can earn an annualized interest rate of 6%, the present value of 80k is:

PV of the 80,000 annuity = 80,000 [(1 - (1/(1 + .005)^12)) / .005] = ?

.005 is the assumed monthly interest rate.

When you get the answer, keep it in the same formula, change 80,000 to 40,000, change ^12 to ^n and solve for n. I bet you, n will be more than 24 (months). Typing on my phone so I can't do it. Alternatively, plug it all in a financial calculator or some google tool and get your answer in seconds.

It's good to look beyond simple back of the envelop calculations before taking life decisions.

Finally got a computer. So at the conservative central bank's benchmark rate of 12%(rationale for choosing that is debatable), the present value of your 80,000 monthly salary is N900,406.20. With a 40,000 monthly salary at the same rate, you will work for approximately 25 months and 10 days to achieve the same. Now, juxtapose that with the probability that you'll keep a job for 25 months and 10 days (if that's not already intrinsic in the interest rate)...