Dáil Éireann Debate, Thursday - 1 June 2023
118. Deputy David Stanton asked the Minister for Further and Higher Education, Research, Innovation and Science if he will outline the value of the National Training Fund, his further plans for the fund; and if he will make a statement on the matter. [26611/23]
View answerAs the Deputy is aware, the National Training Fund (NTF) is a dedicated fund to upskill people in employment, and to provide training and reskilling opportunities for those who are unemployed. It also funds research on existing and likely future skills requirements of the economy. Established by the National Training Fund Act, 2000, it is resourced by a levy at 1% on employers, which is collected through the PRSI employers’ contribution.
For 2023, the income of the NTF is forecast at just over €1 billion with planned investment of over €900m invested in schemes for these purposes. It is projected that this will result in an annual surplus of €120m, which will increase the accumulated surplus in the NTF to a projected €1.5 billion by end-year.
Understandably, enterprise representatives including those on the enterprise-led NTF Advisory Group have characterised the prospect of an ever-increasing surplus in the NTF as unsustainable in light of the scale and extent of re-skilling and up-skilling needs of our workforce.
Following engagement with An Taoiseach earlier this year, my Department is currently engaging with the Department of Enterprise, Trade and Employment and the Department of Public Expenditure, NDP Delivery and Reform to develop options for consideration by Government for the unlocking of the NTF surplus as an integral element of the Estimates 2024.
This work provides the opportunity to address the challenges and realise the opportunities for skills, talent and human capital development highlighted by the recommendations set out in the recent OECD review of Ireland's Skills Strategy. It would also respond to the very substantial impact of what the OECD review terms the "mega-trends" of digitisation, decarbonisation and demography helping to underpin Ireland's economic, social and environmental sustainability in the years ahead.
