How much does a foster carer get paid? This is a common question everyone asks, read on to find exact figures on how much foster parents are paid.
Becoming a foster carer can be one of the most rewarding experiences, as it offers you the opportunity to change a young person’s life. As this is an important decision, one of the most common queries around fostering is around fostering allowance and wondering how much do foster parents get paid.
Foster care is a full-time job, so it’s important to be sure that your new career is financially viable. As a foster carer, you will receive a weekly fostering allowance, or foster care pay, per child or young person in their care. Learn more about how much foster parents get paid from our detailed guide.
How much foster carers are paid per week varies on a number of factors. This can include:
This weekly fostering income is split into two distinct parts:
The first exists as support for foster carers and to help cover the costs of caring for a foster placement, including the cost for food, clothing, transport, etc. The second half acts as a reward for carer’s hard work and dedication in providing their fostering services.
At Excel Fostering, our fostering pay weekly rates on average are well over £400 per week.
The demand for therapeutic fostering placements has grown over the last year and, as a result, Excel Fostering has introduced a programme to provide the extra training and resources required to carers to enable them to provide therapeutic placements. Fostering allowances for these placements is between £500 and £575. Most of our new carers are able to offer this service.
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).
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.
As well as financial support, we also provide our carers with a wide range of foster carer training courses and daily support services. Our support services are available 24 hours a day, seven days a week to offer guidance and advice to our team members, no matter the time or day.
Now you know everything about the fostering allowance, all you need to apply today is to be over the age of 21, be in good health and have a spare room in your home. Then you can take the first step on your journey to making a real difference to the lives of young people in your local area. Find out more about the fostering requirements now.
If this sounds like you and you’d like to apply to become a foster carer, then the Excel team would love to hear from you. Contact Excel today.