Sodexo Benefits and Rewards Services, a facilities management company that runs a voucher scheme, suggested that many parents would do better to stick with childcare vouchers, although some current voucher users will in fact be better off with the new scheme.
The previous voucher scheme is due to close to new entrants from April 2018, but parents who are already part of it will be able to continue in the scheme as long as their employer offers.
The new account will pay towards the costs of regulated childcare, including nurseries, childminders and after school or holiday clubs.
BBC staff get 25 days holiday a year and you can buy or sell days to suit you.
Unlike with vouchers, self-employed people can take part, although there are some eligibility rules.As has been reported on the.Childcare Vouchers have closed to new entrants from 4th October 2018.Private medical or dental cover, a big discount on a new bike for cycling to work.With childcare vouchers, each parent can take up to 55 each week from their salary before tax and National Insurance, or 243 a month, to spend on childcare no matter how many children they have, as long as the parent is a basic-rate taxpayer. .Monthly wine deliveries, great everyday deals, there are loads of national and local deals for BBC staff.This is because some people will get a proportion of their childcare free using tax credits but they have to pay for it in cash.Its one of the best pension schemes in the business and is a great way plan for your retirement.BBC My Pension website.Find out more by visiting the.So which is better?
Most parents choose electronic vouchers, which can be transferred straight into a carer's bank account for quick and convenient payment.
Of the 9,259 people who used its online calculator in August 2016, 5,952 were better off with vouchers and the other 3,283 were better off with tax-free childcare.
Glitches in the hmrc website has caused problems for its rollout in England.
According to Sodexos data, 64pc of people are better off with the voucher scheme.
So there is yet another chance for employers to continue to promote their existing Childcare Voucher schemes to their parent employees.But if you have children aged three or four you can use the initiatives alongside 15 or 30 hours of free childcare see here for more information on all the schemes.The two systems differ quite significantly, and it is a fact that many working families will be better supported via the existing CCV offering.The savings are often worth hundreds of pounds a year and both parents can take part to benefit even more.Both schemes reduce the cost of childcare but one may suit your circumstances better.