Fostering Pay Rates
Being a foster carer is rewarding — and challenging. When people think about taking on the responsibility of caring for a child, primary considerations are the time, energy, and financial aspects involved. You can have the room in your house and in your heart and you can have the health and personality to be an amazing foster parent. But you wonder, is that enough?
It is human nature to wonder about the additional financial demands on your household budget. Food, clothing, allowance, educational supplies, and all the assorted essential items that the young person will need are going to add to the routine expenses of your household. How much of an allowance will you receive, you wonder?
At Capstone Foster Care, we want to ensure you receive a generous fee to enable you to provide all you might need to for caring for children in care. You will receive between £350 – £410 per week, per child. If you are a carer for a girl or boy with special requirements or have a parent and child placement, the amount paid to you will be higher, between £450 – £550.
The money you receive is to enable you to care for any children placed. It should take into account the extra costs for bills as well as any activities you may be doing with the young person. It is also an allowance to recognise the skills you have as a carer.
If you are receiving benefits, these fees and allowances should not affect your benefit rights. If you have a partner who is employed outside the home, this will not affect the payment of the fee for fostering. As a foster parent, you are always supported financially for any requirements the young person has.
It should be noted that when you apply to foster, we do need to see that you are financially stable. The fostering allowance is not considered as a wage or regular income. The reason this is important is because there may be times when you do not have a placement and therefore will not receive any allowance.
Beyond the allowances, there are other benefits to be considered. For instance, when it comes to national insurance, as a carer you will be eligible for National Insurance credits. These credits count towards your State Pension.
There is also tax relief for carers. It begins with a £10,000 tax exemption for the household. In addition, there is a weekly tax relief for every week a child is in your care. For children under 11, the tax relief is £200 per child per week. For children over 11, the tax relief is £250 per week. We can discuss the entire breakdown of fees if you are interested in fostering and we feel it is right for you.
If you wish to know more about becoming a carer or if you would like any further information, please contact us at our head office on 01706 623540 for an informal chat.