Catherine Murphy
Ceist:283. Deputy Catherine Murphy asked the Minister for Education and Skills the estimated revenue that would be generated in a full year if the National Training Fund increased by 0.1%. [5107/20]
Amharc ar fhreagraWednesday, 13 May 2020
Ceisteanna (283)
Freagraí scríofa
The National Training Fund is resourced in 2020 by a levy on employers of 1% of reckonable earnings in respect of employees in Class A and Class H employments, which represents approximately 75% of all insured employees. The levy is collected through the PAYE/PRSI system and funds are transferred monthly to the Department of Education and Skills by the Department of Employment Affairs and Social Protection.
In the 2020 Revised Estimates for the Public Service, the levy is profiled to collect €823m, although this estimate was made before the current COVID-19 crisis. The present rate of NTF levy is 1.0%. so an extra 0.1% would yield approximately €83 million based on the estimates figure. However, NTF income is now likely to be significantly reduced given the economic impact of COVID-19. Early estimates project that the reduction in income will be over 20%.