Loss of earnings from the employer when helping with childcare costs
Employee wellness platform Catapillr today announced the results of its survey on childcare benefits and expenses. Of the 300 employees surveyed, 76% of those surveyed felt that their employer could do more to help with childcare costs.
Not only that, but when asked what the top two benefits should be, more than half of those surveyed (51%) felt that childcare support was one of the most helpful an employer can offer. This followed flexible hours at 71%, clearly highlighting the need for more flexible working hours and financial support for working parents.
Phil Robinson, CEO and Founder of Catapillr, says: “Our survey shows that there is a gap between employers and working parents. Even with the growth of flexible hours, working parents still have to pay for childcare, especially during school holidays, which can cost up to £ 10,000 per year. It is not surprising that they want their employer to offer them financial support.
When asked about tax-exempt childcare services to help them with their finances, 63% of those surveyed responded that they did not have an account, suggesting a potential lack of knowledge of the program, which may help cover childcare costs, especially when tied to an advance plan.
Designed to work much like the Employer Travel Loan, Catapillr gives organizations the ability to offer working parents an interest-free childcare loan – known as the Childcare Cash Advance Scheme ( C-CAS) – which can be reimbursed over 12 months. As an easy-to-use, low-cost benefit, employers, daycares and parents can simply and easily access their Catapillr account through an app or website.
When asked about the financial benefits, 81% of working parents said they would be interested in a new social benefit to help cover childcare costs. Over 63% said they would consider a cash advance program, such as Catapillr.
Launched at Employee Benefits Live, Catapillr is a low cost solution that is easy to deploy in an organization. The platform-based nature of the benefit means employers, employees, and child care providers can connect quickly, giving parents more control over their finances.