If a company hires me on contractual basis, what benefit does the company gets and what loss I have to suffer?

fayzyy
I have received an offer letter stating that we are hiring you on contractual basis and the cotract wil be renewed after one year.
Only 2 percent tds deduction and even that is from employer end, do I get that amount back?
Nothing is deducted from inhand salary.
I do not get EPF benefits.
They do not provide oppointment letter.
If a company hires someone on contractual basis, from how many ways company is saving money by doing that??
If an employee is 2 or 3 Years tenure in their system will he/she be still on contractual basis??
Why do call center industry do this? If a employee rebels or ask for benefits then they terminate the contract and send him back home. Is this legal???
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