Giving employees the choice of how they want to make up their remuneration is becoming increasingly popular. There are several salary sacrifice schemes which are becoming more attractive to those employers who want to offer choices to their staff. These choices can lead to a significant tax-free benefit to the employee, and save the company money all at the same time. You can completely outsource the management of the schemes at minimal cost to the employer, and there is no limit to the size of organisation that wants to take part.
There are a number of ways childcare provision can be sponsored by employers. One of the most popular, flexible and beneficial way for employers to support childcare provision is by using the simple Childcare Voucher system.
So what are the key benefits?
Benefits for you;
- National Insurance savings of up to £373 per employee choosing Childcare Vouchers
- Ideal for recruiting and retaining employees
- Flexible – can be used for all types of registered care
- Shows a strong, highly-visible commitment to staff
- Minimal administration
- Widely recognised among parents as their most valuable company benefit
- Induces loyalty
Benefits for employees;
- Savings of between £961 and £1,195 per year
- Freedom of choice – the recipient can choose any type of registered childcare care.
- Clear and comprehensive information pack making it easy to sign up childcare providers
- Can be used for pre-school and school age children
RMT has launched its own Childcare Voucher Scheme, working closely with local businesses and registered nurseries, childminders, after school clubs and holiday clubs.
We are able to offer a flexible and friendly service and can step you through the process of setting up your scheme, help you with the Salary Sacrifice Agreements, administer and distribute your monthly order of vouchers and ensure that the childcare providers receive their payments in a timely and efficient manner. We also have experts on hand who can provide advice on the tax implications of running or contributing to such schemes. All in all, we can manage your childcare voucher scheme from beginning to end.
