Employer forcing employee to a contractor for 3 years

Respected Sir /Madam,

Myself  Nandeesh working in an MNC PAST 11Years ( Permanent Employee ) , Now the Employer pushing us to join in Sister Concern as a Contarct of 3 Years with same salary.

The concern is working in PROFIT , IS THERE ANY COMPENSATION,

Actually iam not willing to work in a contarctor for contract for three years , can i ask the Employer for settlement those 3 years of my slary as i not willing to work in contact.

Regards

Nandeesh