"Did you know you can save on your childcare costs for children from 0-16 years!"

Childcare vouchers are an employee benefit available to all eligible staff employed by Newcastle upon Tyne Hospitals NHS Foundation Trust who are parents or legal guardians of children using a range of registered childcare facilities. 

 

How does the scheme work?

Childcare vouchers are implemented by way of a salary sacrifice scheme. A salary sacrifice happens when you agree to give up part of your cash pay due under your contract of employment in exchange for childcare vouchers to the same value as the cash sacrifice. The 'sacrifice' is acheived by you signing an agreement to vary your terms and conditions relating to pay. You acheive the financial saving because the amount of salary exchanged for vouchers is exempt from tax and NI contribution.

All Salary Sacrifice schemes can have an impact on your pension.  To find out more about the impact, please visit our page on Salary Sacrifice and it's impact on your pension from the menu on the left hand side.

As an example, you will pay approximately £156.98 each month (if you are in the pension scheme) from your salary for £243 worth of vouchers to pay for your childcare. Staff on the higher rate of tax and NI could save considerably more.

 

A useful brochure with more detail on the Childcare Voucher Scheme can be found by clicking on the logo below:

 

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So sign up and start saving on childcare costs with Fideliti!!