Rising Childcare Costs make new mothers think twice about returning to work

The Daycare Trust have released their annual Childcare Costs Survey, which shows that the cost of childcare has increased disproportionately to rises in income. 

http://www.bbc.co.uk/news/business-12404372

http://www.telegraph.co.uk/news/uknews/8312048/Soaring-nursery-costs-will-force-more-mothers-to-stay-at-home.html

With this rise in the childcare costs it is more important than ever that working parents are aware of the benefits available to them.  According to the survey, the average cost of a nursery place is  over £5000 a year.  Currently Childcare Vouchers are tax and NI exempt up to £2916 a year, which could reduce this bill by over £1000 a year.  However changes to childcare vouchers happening this year could potentially halve the available savings for parents who join after the 5th April.  Therefore it is now more important than ever for companies to offer childcare vouchers.

The survey also identified a lack of provision of childcare for older children.  Childcare Vouchers can be used to pay for childcare for children up to the age of 15, or 16 if they are registered disabled, helping all parents to manage their childcare costs.

Details of the survey findings can be found at the Daycare Trust Website

 

admin 9th February 2011 Employee Benefits News 0 comments
 

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