Do Foster Carers Get Paid?
Before deciding to foster, many people want to know, how much do foster carers get paid? Essentially, all foster carers are rewarded with a weekly payment, as well as other financial incentives during every foster placement. Quite often, these come in the way of reward payments, tax relief and a generous fostering allowance.
Much like with any other profession or vocation, we understand finances play a big part as to whether a person decides to become a foster parent or not. So, when the question of ‘do foster carers get paid?’ arises, we’re only too happy to help answer it.
Maybe you’ve become interested in being a foster carer, but you weren’t aware of the fact that foster carers can get paid for their efforts. Or, perhaps you’ve heard about foster carers receiving payments, and you wanted to know exactly how much they receive.
Either way, it’s completely natural for all prospective foster carers to consider the financial implications of being a foster parent, to which we’ll always do our utmost to ensure that an individual’s financial situation is not an obstacle in them becoming a fantastic foster carer.
While there may be some financial rewards by becoming a foster carer, we only look to recruit willing individuals who are motivated by the fact they can make a huge difference to the future outlook of a vulnerable child or young person.
Here at Perpetual Fostering, we know how hard each member of our fostering family works to better the lives of the young people in their care. Fostering a child does involve time and energy, but there’s nothing that loves you back the way fostering a child does.
This is certainly part of the reason why we like to reward and support foster carers in a variety of ways. We offer professional training and development, 24/7 access to an experienced social worker, the opportunity to join our fostering community, as well as a generous and competitive foster care allowance.
Foster Care Allowance
We provide all our foster carers with a weekly fostering allowance which is designed to cover the costs of caring for a child or young person. We’ll take always into account the age and requirements of a child when calculating a fostering allowance.
The aim of the weekly foster care allowance is to cover the cost of food, clothing, laundry and any other expenses that are likely to be incurred whilst fostering a child or young person. For example, the petrol you spend driving to and from trampolining club three times a week.
What about reward payments?
Yes, your weekly foster care allowance is then supplemented, or ‘topped up’, with a secondary payment from us. As a fostering agency, we understand the important work that our foster carers are carrying out on a daily basis, so that’s why we also provide you with a reward payment that reflects your level of experience and type of foster placement you’re currently involved in.
Ultimately, we always aim to recognise and reward our foster carers with the highest level of support and training, in addition to generous financial incentives that keep pushing you as a carer.
Benefit From Tax Relief
One way in which fostering differentiates itself from most other professions is through the considerable tax relief you’re likely to benefit from. Foster care is classed as a self-employed profession, but any tax exemption does depend on your individual circumstances.
For example, if you were a foster carer looking after two children above the ages of eleven, for one year, it is likely that you would receive the first £36,000 of your income tax free.
However, we would certainly recommend that you seek professional financial advice with regards to your individual tax relief and to discover whether you’re eligible to claim for any other financial benefits.
First and foremost, the main motivation of any foster carer is to provide a warm, safe and secure environment, whereby children and young people have the ability and opportunity to develop and improve their outlook on life.
If you would like receive more information about fostering allowances, tax relief or reward payments, don’t hesitate to contact a member of our team directly, or by calling 0845 074 0076.