General · 8 hours ago
A £1 pay rise costs UK parents £10,000s in childcare
Photo by Pavel Danilyuk on Pexels
A £1 pay rise can leave parents tens of thousands of pounds poorer due to the loss of government childcare support. The 'cliff edge' affects those earning over £100,000, who lose out on free childcare for working parents and tax-free childcare. Families can reduce their 'adjusted net income' by paying more into a pension to avoid losing these benefits.
Reported by fidelity.co.uk · How we write briefs