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Argos Retail Group launches market leading childcare benefits scheme
12 April 2006
Argos Retail Group announces this week that it is the first major retailer to launch a pioneering new concept in childcare benefits to its 45,000 employees.
ARG’s market leading childcare benefits scheme is the first for a major retailer and is based on a salary sacrifice model; recognised by the government as a means of making childcare affordable and designed to save employees significant savings on their childcare fees.
The new scheme, which was developed following feedback from employees on their childcare needs, allows ARG to offer uncapped sacrifice savings for under fives and capped sacrifice savings on childcare for working parents of children up to 16 years old.
It offers working parents the choice of either partnership nurseries or virtual vouchers, as Vicky West, ARG Benefits Manager, explains: “Through our new partnership scheme, where we have partnered up with selected UK leading nursery chains, we give our employees the opportunity to benefit from discounted rates on the normal gross nursery fees as well as sacrifice their full fees through their salary. This means they can make substantial tax and national insurance savings. Employees will enjoy savings of up to 51% on their gross nursery fees, which we are sure will be welcomed.”
As part of ARG’s full childcare offer, virtual vouchers are also available for employees choosing to use an alternative nursery not covered in the partnership scheme, or where the employee uses an alternative form of childcare, such as childminders or holiday clubs.
Kidsunlimited, the experienced nursery, voucher and salary sacrifice professionals, have been consulting alongside the ARG benefits team to deliver a scheme which works for all its employees. They will manage the partnership nursery scheme as well as the virtual vouchers scheme. Jason Myers, Kidsunlimited Director, said: “We are delighted to be working with ARG and its employees to deliver this exciting new development in uncapped salary sacrifice schemes. ARG has been very proactive and focused on delivering the best benefits to their employees who have childcare needs now and for the future. The scheme will undoubtedly save parents money and help ARG families balance the costs of working and childcare costs.”
Vicky added: “We are really excited to be the first major retailer to launch a scheme as market leading as this. Our employees have been asking for help with their childcare costs and through uncapped and capped salary sacrifice we’re now able to offer a full childcare package that to our knowledge exceeds the majority of, if not all other, schemes the retail sector is offering. This scheme is a welcome addition to our benefits package and will help to promote us as an employer of choice. It fits in well with our family friendly policies and we hope will help our employees juggle their work/life balance.”
