The National Training Fund Act 2000 establishes a National Training Fund (the "Fund") designed to impose a levy on employers for the purpose of enhancing skills among employees and job seekers. The Act outlines the levy structure, which is set at 0.7% of reckonable earnings, and specifies the responsibilities of the Minister for Enterprise, Trade and Employment in managing the Fund, along with the Minister for Finance overseeing its investment account.

Furthermore, the Act details the collection of the levy, payment obligations, and penalties for non-compliance, including potential fines and imprisonment. It also allows for the provision of funds to support skills training initiatives and aligns the management of the Fund with regulations related to social insurance contributions. The enactment effectively repeals previous legislation relating to apprenticeship levies, thereby streamlining skills funding mechanisms.