If you are an HSBC, HFC and First Direct employee your childcarer will be paid on the 1st of each month.
All UK-based employees across the Group* are eligible to join the new HSBC Childcare Scheme that allows greater access to reduced childcare costs and offers choice and flexibility to working parents. It also enables employees to take advantage of the Government tax and NI incentives made available from April 2005.
Users of the previous Subsidised Nursery Scheme are able to continue to use their nursery on the same basis until the child leaves, or they can choose to transfer to the new scheme.
There are now over 400 discounted HSBC Designated Nurseries, UK-wide within selected nursery chains, and parents are also offered the option of electronic childcare vouchers to support all our UK-based employees. Vouchers can be used to pay for childcare for children up to age 16, through a variety of registered or approved childcare options including nurseries, childminders, nannies, au pairs, out of school schemes and holiday play schemes.
The new scheme operates under a system of salary sacrifice where childcare fees are paid for directly from your gross salary and can be tax and NI-free (subject to certain eligibility rules and limits). Payment for childcare under this scheme is usually in advance and employees are advised to sign-up to the scheme at least two months’ before the childcarer is to be paid (see Important Notice for further details).
* except first direct employees who have access to their own scheme.
The cut-off date for the return of your signed ‘Change of Contract’ letter is the 20th of the current month (M&S employees, 10th of the month) for entry into the Scheme in the following month.
The procedure is:-
This process takes a minimum of a week to complete. We will endeavour to enrol you onto the Scheme as quickly as possible, but we cannot guarantee that late applications will be processed by the date requested.
