Biden wants chipmakers to provide childcare if they want billions in free money
There are more than a few strings attached to the $52 billion in funding set aside by the CHIPS and Science Act for domestic chipmaking projects, and this week the Biden administration added another: affordable childcare.
New rules, slated for release by the US Commerce Department this week, will require chipmakers hoping to avail themselves of the billions in subsidies made available by the law to provide low-cost childcare for the men and women building and operating the facilities, the New York TimesHowever, businesses won’t necessarily have to pay for all of it.
Fund applicants can integrate child-care facilities into their foundry designs, pay local providers to expand availability of services, or offer workers a stipend to pay for the costs of raising children. And it's worth noting that there’s no requirement for free childcare, just that it has to be affordable.
However, it’s not exactly clear what “affordable” means in this context. The US Department of Health and Human Services says [But depending on where you live, the actual cost is usually much higher than that. A 2018 study found that the average annual cost of full-time childcare ranged from $5,700 to $19,269 a year, depending on the city and state. And things certainly haven’t gotten cheaper in the post-COVID era.
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