I've been working as a part-time freelancer for a company for the past five years, earning £26 per hour consistently. Recently, they've offered me a permanent contract on PAYE, which sounds appealing since it comes with a job title that feels like a promotion and slightly more hours, but the pay is only £19 per hour. This feels like a significant pay cut to me. While I understand the benefits of being employed, like holiday pay and a pension, I usually manage my hours flexibly and make up for any time off, so those benefits don't hold much weight for me. Plus, I've been at the same rate for years, even as the UK minimum wage has increased by 37%. Now, they want to pay me less for more hours, which limits my ability to take on other clients. I've been contemplating whether I should accept this offer or if my feelings of being undervalued are justified. It seems like they're trying to buy my availability at a discount, and I’m not sure if the benefits outweigh the pay cut. Should I counter their offer or stick with my freelance work that has been stable for so long?