Iain McMath, CEO of Sodexo Benefits and Rewards Services, comments on the latest LV= Cost of a Child report:
To help working parents, the government has been looking into new ways to subsidise the cost of childcare. 30 hours of free childcare will be piloted from September 2016 and Tax-Free Childcare (TFC) is expected to launch in early 2017. However, even though TFC claims to save parents up to £2,000 per year, in reality the average saving has been estimated at just £600.
For parents that need right help now, the existing Childcare Voucher scheme can currently save each parent up to £933 per year, contributing £1,866 to a family when both parents are working - this can equate to a possible joint saving of more than £25,000 over the 15 year duration of the scheme. As such, parents who are looking for help with their staggering childcare costs would be best served to sign up for Childcare Vouchers now, before they are closed to new entrants in early 2017.”
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