Think Childcare Group (ASX:TNK) announced a COVID-19 trading update related to the Federal Government’s recent announcement on the Early Childhood Education and Care Relief Package (CRP) and Transition arrangements. TNK has grown its workforce by 5% with most of the team getting back to its services to meet the growing demand of childcare.
The transition agreements include:
- CRP ends on 12 July 2020 while Transition payment of 25% of average of last two weeks’ revenue in February paid from 13 July to 27 September 2020.
- Jobkeeper for childcare operators ends on 19 July 2020 (one-week crossover).
- Families subject to certain conditions, can get an increase in subsidised care hours per week up to 50 hours until 4 October 2020.
TNK expects that the demand for childcare will remain intact with the normality in resuming of workplaces and returning of children school.
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