The
soaring cost of childcare has been stopping parents from seeking work as the UK
continues to have some of the most expensive childcare in the world. Recent reports have found that in some cases
childcare costs can account for a third of household incomes*. As a result 38%**
of parents have even considered quitting their current job and 12%**
have actually left their job because of childcare costs.
Childcare
and the cost of childcare are high on the government’s agenda at present. 77% of respondents from the latest Mumsnet
survey think that the government doesn’t do enough to support parents with the
cost of childcare**.
Busy Bees Benefits aims to change this with their ‘Mind the Gap – Raise the Cap’ campaign.
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The
campaign was launched in 2012 to make childcare costs more affordable for
working parents. The aim is to increase
the support parents get with childcare costs which will in turn help more
parents back into work. The campaign is
calling for the government to raise the weekly amount working parents can
exchange for Childcare Vouchers from £55 to £75. At the heart of the campaign is an e-petitionon the HM Government E-petitions website which has already attracted over 17,000 signatures. The petition will close on 21st March 2013.
The
main aim of the campaign is to bridge the gap between the rising cost of
childcare and the amount of salary parents can exchange for Childcare Vouchers,
which has not changed since 2006. Childcare costs have continued to rise during
this time whilst inflation and other financial pressures have continued to make
it more difficult for families to balance their budgets.
Childcare
Vouchers are a simple and popular employee benefit as they attract tax and
National Insurance savings of up to £933 per parent, per year from the cost of
childcare. Parents find Childcare
Vouchers a valuable method of paying their childcare costs for children up to
the age of 16. In a recent customersurvey by Busy Bees Benefits, 1 in 3 parents*** believe the provision of Childcare
Vouchers influenced their decision to return to work or remain with their
current employer after having a family.
John
Woodward, MD of Busy Bees said “It is imperative that parents are able to work
and choose the quality childcare they want for their children without costs
being a huge financial burden. We want
to make a difference to families, raising the Childcare Voucher cap will
provide parents with additional savings, making their childcare costs more
affordable. Parents can play their part
in helping themselves and others to save money by supporting the ‘Mind the Gap
– Raise the Cap’ campaign.
How
Much Can Parents Save?
Raising
the cap to £75 will make a real difference for working parents. Basic rate tax payers could save over £300
more per parent, per year, totalling over £1200 per year, depending on
individual circumstances. Both parents
in a household can join a Childcare Voucher scheme via their employer,
potentially doubling savings to more than £2400 per year.
John
said “The Childcare Voucher system is the most effective way of helping working
parents save money. The current Childcare Voucher
scheme is not bureaucratic and could easily be extended to allow working parents
to save more, without a huge overhaul of government childcare funding.”
How
Can You Help?
Time is running out, the e-petition closes on the 21st March
2013 and for the issue to be eligible for debate in the House of Commons
100,000 signatures are required. Help
Busy Bees Benefits to make a difference by:
1- If
you haven’t already signed the e-petition, please do
so now. You can help further by asking friends
and family to do the same.
2- Send
a personalised
letter to your local MP. A template can be found here http://www.busybeesbenefits.com/downloads/campaign_letter.pdf. Alternatively, Busy Bees Benefits has
developed an online tool to enable you to send an email directly to them. This can
be found at http://www.busybeesbenefits.com/misc/MP_output.php
*** Busy
Bees Benefits Customer Survey November 2012
1 Subject to individual circumstances.
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