It sounds like a great policy. Good news is that you can choose to be on time or pay the penalty or choose another provider who hasn't decided to implement this...yet.
I'm shocked by your question. I honestly would like to hear why you think this should not be acceptable. Why should they continue working overtime and cut into their own personal/family time because of the parent's failure?
In a world where everything is increasing in prices and salaries aren't keeping pace, you might be able to see it if you imagine what life was like making much less money.
1Password, like other subscriptions, becomes something for the middle class and up, not for the masses.
Vendor solutions become the only option.