Significant rise in cost of childcare

 

Significant rise in cost of childcare

Recent research conducted by the Daycare Trust revealed that the cost of childcare for under two's has soared by 5.8 per cent and those with children over the age of two are paying 3.9 per cent more.

The cost of a part-time nursery place (25 hours) is over £100 per week for most parents in Britain, with the average cost setting families back £5,103 each year, rising to £15,000 at some of the most expensive settings.

With recent government cutbacks effecting over 40,000 families who were in receipt of receiving help towards childcare costs through tax credits and the ongoing unsure economic climate, there are fears parents could be forced out of the labour market.

Childcare vouchers are one of the answers in helping working parents. The employer supported benefit allows employees to sacrifice some of their salary in exchange for a tax and NI exempt voucher. The parent then uses the voucher allowance to pay their childcare provider.

For more information on the childcare voucher benefit contact Early Years Vouchers on 0800 088 7315.

LG March 2012

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