09/06/2012 (press release: OnlinePR) // Louise Evans
A leading childcare voucher provider is advising parents on the best way to make their money go further after a survey by The Family and Parenting Institute (FPI), an independent charity which champions and supports families, reported that the average family income could fall by over £1,000.
Co-operative Employee Benefits is recommending parents use childcare vouchers, which are an alternative way to pay for childcare, after the FPI revealed families with children stand to lose more through new tax and benefit changes than pensioners and couples without children.
Pete Westall, General Manager for Co-operative Employee Benefits said: “Families should consider using childcare vouchers, available through employer schemes, as an alternative way to pay for childcare. They are a great way for parents to get the most out of their wages as the vouchers allow tax-payers to pay for childcare from their pre-tax and national insurance income. This means that working parents get more for their money than they would if they paid cash.”
According to the FPI lone parent families who aren’t in paid work, families with more than two children and families with children aged under five, face the biggest financial strain under the new changes to tax and benefits, with these different family types potentially losing up to £1,250 a year from their income.
Pete added: “A family with two working parents using childcare vouchers can save up to £1800 per annum* towards childcare costs. This could make a big financial difference to parents and help them to effectively manage childcare.”
Co-operative Employee Benefits offers a range of solutions to help families save money including childcare vouchers which are only available through employer schemes. To see if you are eligible for childcare vouchers simply ask your employer if they run a childcare voucher scheme. For more information on childcare vouchers visit www.employeebenefits.coop or call 0800 458 7929 to find out more.
Co-operative Employee Benefits, which is part of The Midcounties Co-operative, is a leading ethical business which re-invests profits into local projects and charities.
*Actual saving will vary dependent upon individual circumstances
ENDS
Notes to Editors
The Midcounties Co-operative has its headquarters in Warwickshire, with trading outlets in Oxfordshire, Gloucestershire, Wiltshire, Shropshire, West Midlands, Worcestershire and the surrounding counties.
The Society’s trading groups are food retail, funeral, travel, pharmacy, childcare nurseries and employee benefits. The Midcounties Co-operative is the second largest independent co-operative society in the UK and has more than 470 branches, and 245,000 active trading members. It has recently been ranked in The Sunday Times Best 100 Companies To Work For list.
The Society's mission statement is 'To be a successful consumer co-operative working towards creating a better, fairer world, and to enhance the lives of our colleagues, members, customers, and the communities we serve'.
For more details call Louise Evans at Seal on 0121 616 5800. Visit www.midcounties.coop
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