This study theoretically and empirically assesses the gendered relationship between family caregiving (excluding regular childcare) and wage development in the Netherlands applying conflict theory, which predicts a wage penalty due to difficulties in combining paid work and care, and enrichment theory, which expects a wage premium because of acquired skills and recognition. Growth curve modelling was used to analyse hourly wages from 19 years of register data combined with information on caregiving episodes, retrospectively collected among a Dutch sample (N = 2659 respondents and 324,940 months). Caregiving was distinguished by havenever cared, current caregivers and past caregivers, as well as by duration and intensity. The results showed that men’s wage growth slightly improved after caregiving stopped and when they provided intensive care. Women’s wage development was slightly weaker after caregiving stopped and when they provided intensive care. Thus, only men benefit from caregiving in terms of their wage growth, not women.