Successfully reported this slideshow.
Absenteeism in the UK costs businesses £32 billion a year.  As much as £3.7 billion of this could be due to parents with c...
Upcoming SlideShare
Loading in …5
×

Infographic: Our Grown-Up Guide to Childcare Vouchers

396 views

Published on

Our Grown-Up Guide to Childcare Vouchers Infographic has been created for you to visualise how Childcare Vouchers work and how to get the most from your scheme.

We also introduce the ’3rd Generation of Childcare Vouchers’, including Parent Hub, our new online advice channel for parents who are childcare voucher customers of Edenred, and mobile apps to help working parents on the go.

Published in: Business
  • Be the first to comment

  • Be the first to like this

Infographic: Our Grown-Up Guide to Childcare Vouchers

  1. 1. Absenteeism in the UK costs businesses £32 billion a year. As much as £3.7 billion of this could be due to parents with childcare issues. 50% of employers in the United Kingdom think that childcare problems result in late attendance and leaving work early. 72% of work absenteeism from parents could be due to childcare issues. Employees with work/family-life conflicts are 3 times more likely to consider quitting.Childcare Vouchers (CCVs) are an excellent way to help your employees reduce thecost of their childcare, while also helping you to boost company morale and reduceabsenteeism. There are over 10,000,000 working parents in the UK. 500,000 working parents across the UK already participate in a Childcare Voucher (CCV) scheme. 95% of working parents could benefit from CCVs. 25 of childcare a week costs hours £4,993 per year 18.9% of a working parent’s average annual earnings. £933 a year or even up to £1,866 CCV’s can help a working parent save up to if both parents are eligible. A working family could save up to of their average annual earnings. 7% Childcare Vouchers are usually offered as a salary sacrifice – your employee ‘sacrifices’ a certain amount of their salary and you provide them with vouchers to that value. Your employee doesn’t pay Tax and National Insurance Contributions (NICs) on these vouchers (up to a certain amount*) and you don’t pay National Insurance on them. It’s win-win. *How much your employee earns will affect the amount of vouchers they can have which will be free from Tax and NICs. If they earn... ...they can get... £42,475 or less a year £243 ...worth of Tax and £150,000 or less a year £124 NIC free vouchers a month. £150,000 or more a year £97 They can receive more vouchers than the above amounts but will have to pay Tax and NICs on them. Edenred (prev. Accor Services) Thanks to successful lobbying by Launch of Parent Hub and launch the UK’s 1st CCV scheme. Edenred. Mobile App. Tax and NI exemption Tax and NI exemption1989 introduced: up to £50 a week. introduced: up to £55 a week. 2012 2006 2011 An unlimited National Insuance (NI) exemption introduced for CCV’s. 2005 Introduction of restrictions on the CCV exemptions for higher earners. Some CCV schemes suffer from low-levels of participation due to the poor quality of their products and a limited number of childcare providers. 3rd Generation CCVs Maximise Participation by: Demonstrating Quality Leading The Field By offering a fully-developed With the largest number of product that is easy to use. Childcare Providers affiliated. Offering Unparalleled Extra Savings Support With a dedicated help desk team as Buying power on day-to-day & well as a dedicated communications lifestyle shopping with with our and research service. savings portal, ‘Advantages’. Information & Advice Full Accessibility On all aspects of parenting To working parents on the through Parent Hub. C go with the mobile app. om in g s o o n Higher participation benefits employees by making them feel more engaged and more supported by their employer. This leads to higher scheme take up which benefits employers in a number of ways. Savings Businesses don’t pay National Insurance on Childcare Vouchers. This could save your business up to £402 per year for every employee who signs up to your scheme. Increased Brand Equity By increasing your benefits package for existing and potential employees you increase the value of your company’s brand. Increased Performance Happy, stress-free employees are more productive and exhibit lower rates of absenteeism.Childcare Affordability Report 2010 - Family InvestmentsCensus Prospectus Tables and Schedules 201 - Office for National Statistics 1Families by family type, 2001 and 201 - Office for National Statistics 1Percentage of dependent children: by family type, 2001 to 201 - Office for National Statistics 1Sickness absence from work in the UK - By Catherine Barham and Nasima Begum, Labour MarketDivision, Office for National StatisticsWork-Life Statistics - Department of Statistics, International Labour Organization Visit http://www.childcarevouchers.co.uk/ Call 0843 453 4406 Email sales@edenred.co.uk

×