Working Dads take-up Early Years childcare vouchers scheme at Calyon investment bank.
Early Years Vouchers, one of the UK's leading childcare allowance organisations, has announced that the London-based division of Calyon, Crédit Agricole's corporate and investment banking entity, has noted a consistent increase in the take-up of tax-free childcare vouchers by eligible employees, especially amongst working Dads. Currently, 77 per cent of Calyon employees who use Early Years Vouchers are working Dads.
The increase in working Dads using EYVL's scheme means that more couples are now taking advantage of a combined saving of up to £2391.12 per annum towards childcare fees.
Calyon decided to implement the voucher scheme because of its ease-of-use and parent 'help' service, which answers queries and provides advice on childcare benefits, in addition to the significant tax savings of up to £1,195 per employee on a wide variety of childcare options including nannies, holiday clubs and breakfast clubs. The scheme also provides a number of benefits for employers because it is self-financing. Research by HMRC shows that beneficial childcare schemes help improve staff recruitment and retention levels.
Hazel James, Manager Compensation, Benefits and Services Group, Human Resources at Calyon, said: "We implemented Early Years Vouchers because it is a completely self-sufficient service and works very efficiently without the need for any input from us. There has been a positive take up of the scheme and we've received good feedback from our employees.
"Two of the main benefits of Early Years Vouchers is that staff find the process easy and they like the website because it requires minimal effort. Calyon benefits from the simplicity and efficiency of the system. Early Years Vouchers provides parents with personal one-on-one support to answer any queries at no extra cost to us," continued Hazel James.
"There are still too many parent workers who are unaware that they are entitled to Income Tax and National Insurance savings on the first £55 per week of their childcare costs," commented Amanda Ward, Director of Early Years Vouchers. "With the help of companies like Calyon we are able to educate working Mums and Dads on their legislative rights. We are pleased to see an increasing number of working Dads taking advantage of our scheme - if both parents register to receive Early Years Vouchers, they could benefit from a combined saving of up to £2391.12 per annum."