Childcare Vouchers Salary Sacrifice Product

Tender description

Childcare Vouchers Salary Sacrifice Product childcare vouchers can be used as payment for participating registered or approved childcare establishments including day nurseries, child-minders, au pairs, out of school clubs and holiday clubs. These are for children between the ages of 0 years to 16 years. The vouchers are exempt from employee tax & employer/employee NIC for up to a limit of £55 per week or £243 per month (dependent upon the participating employee'staxable income. The Contractor will administer the scheme as a salary sacrifice scheme on behalf of the Authority, for the benefit of each participating employee in accordance with HM Revenue and Customs guidelines and regulations, whereby employees will formally agree to a reduction to their taxable salary and instead receive that amount (equivalent to the reduction) in childcare vouchers.