Hi mcpng

I am just like you back in 2009. I started out as a contractor in a US MNC. I assume this contract position comes from a recruitment agency.

I became their official employee this year and yeah my pay jumps from 2300 to 3300 when I got converted from a contractor. Its possible BUT not everyone is fortunate. Heres the following to consider:
1) Your boss needs to like you alot because he sees the potential in you before you can even ask for that LARGE increment.
2) Be prepared to suck it up coz as a contractor, you wouldnt know if your contract will be renewed next yr. Sometimes its not your fault even when u perform well coz the dept simply have no budget to continue your contract or they prefer to hire another FT.
3) Be prepared to handle only admin work becoz as a contractor, you will never get to handle the big stuff like special projects etc coz you are considered as someone inexperience or outside.
4) When you look outside for jobs next time, employers are hesistant to consider someone from a contractor role coz its give them the stigma that you are not part of the company.
5) You MAY BE eligible for a higher increment due to the insecurity of the contract job. Again depends on your job performance

In fact, I hated my contractor role a lot in the first place (I had to take up that role coz I quit w/o a job during the recession, yeah I admit I am stupid). But I am lucky I got a nice boss who gave me a lot of opportunities (i cant say for others) and I worked very hard for it till I felt I am ready to leave and my boss asked me to stay back and converted me.

Having say so much abt my experiences, you decide yourself if you still want the contractor job.