How Much do Foster Parents get Paid?
While fostering attracts people who want to make a change in the lives of children and young people, not far behind is the question of how much foster parents get paid. As a foster carer, can you bring in enough money to make it a viable career choice?
The short answer is “yes.” Becoming a foster carer and caring for a child who desperately needs you is its own reward but there are financial benefits as well. It’s not the same as being employed outside the home because as a foster parent, there is rarely time away from the job. Find out everything you need to know about foster care pay today.
Foster Care Pay – for FosterCare UK carers
How much foster carers are paid per week varies on a number of factors. This can include:
- The needs of the child or young person in your care
- The age of your foster placement and the geographical area you are fostering in.
- It can also depend on whether you are fostering with a local authority of an independent fostering agency – as the latter can often afford to pay its care team a larger weekly amount than local authorities can.
So, how much do foster parents get paid?
This weekly fostering income is split into two distinct parts:
- The first exists as a support for foster carers and to help cover the costs of caring for a foster placement, including the cost for food, clothing, transport, etc. This is normally between £130-200 per child.
- The second part acts as a reward for carer’s hard work and dedication in providing their fostering services.
At FosterCare UK, our fostering pay weekly rates for most placements are as follows;
Parent and child placements £700 per week
Therapeutic placements £500-575 per week
Standard placements Over £400 per week (except for the youngest children and these are rare).
Most of our new carers are able to offer therapeutic or parent and child placements.
If you look after a child in a therapeutic placement for a whole year, your total income will be over £26,000 (and £23,000 will be tax-free).
Do foster parents pay tax?
Foster carers are considered self-employed professionals and so are eligible to claim income tax relief benefits. This generally means that foster parents with a single placement will not be required to pay any tax on any money received for that placement in a year – foster parents with two or more foster children need only pay a small amount of tax.
Need more information on foster care pay, or still wondering how much the fostering allowance will be for your family? Get in touch with one of our fostering experts today at FosterCare UK.