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CHILDCARE: Firm launches scheme to fund employers' nursery facilities

1 min read
A not-for-profit enterprise has been formed to enable employers to set up childcare facilities at no cost to themselves.

The Employers Childcare Network wants to fund a number of employer-based childcare centres across the UK.

The company plans to provide capital of 1m or more to any employer wanting to set up provision. It will raise the money from investments with partners.

Employers would set rates for childcare individually.

Although they will pay for the places, the cost will be offset by contributions from employees, who will pay through a salary sacrifice scheme.

The initial capital from the network and its partners would be repaid through a 15 per cent profit margin charged.

The Daycare Trust welcomed the idea, calling on employers to ensure affordable childcare was available to all employees. But it warned that employers would have to see that the scheme was working well before they could widely endorse it.

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