Former Wolverhampton City Council employee Karen Corr, 54, and ex-Wolverhampton Homes worker Joanne Lewis, 50, face charges of conspiracy to commit fraud by abuse of position.
Ms Corr, of Sandy Lane, Bushbury and Ms Lewis, of Victoria Road, Wednesfield are due before magistrates on 5 July.
The council said it was supporting the police inquiry.
A spokesman added: "The council and Wolverhampton Homes are aware of the charges that have been brought against former employees of each organisation and have supported the police fully in their enquiry."
West Midlands Police said the victim's money was stolen from him over a two year period.
Ms Corr and Ms Lewis, both from Wolverhampton, are due to appear at Walsall and Aldridge Magistrates Court next month.
Two women have been accused of an alleged fraud plot that resulted in a man with dementia losing £60,000.