New employment schemes to support women, youth and older workers

The Cabinet on Wednesday approved new employment schemes aimed at strengthening the labour market and supporting citizens who remain outside the productive process.

It was further announced that the schemes cover a total of 2,110 individuals and carry a budget of €18 million.

Speaking after the meeting, Labour Minister Yiannis Panayiotou said that the Cabinet was briefed on the achievement of objectives relating to the improvement of the labour market and the consolidation of full employment conditions established over the past two years.

The minister said that four targeted incentive schemes were approved for the recruitment of citizens who are still outside the productive process.

Panayiotou explained that the unemployment rate has now fallen below 5 per cent, reaching levels last seen in 2008, while the employment rate has exceeded 80 per cent, the highest ever recorded.

“This”, he said, “represents the achievement of a European target that had originally been set for 2030”.

He added that “the positive trajectory of the Cypriot labour market is reflected favourably compared to the averages of the European Union and the euro area and places Cyprus among the member states ranked in the top positions across Europe”.

The minister stressed that the incentive schemes approved by the Cabinet aim, together with other relevant policies, to “consolidate full employment conditions with particular emphasis on groups of citizens still excluded from the productive process”.

He clarified that the schemes specifically focus on women of all ages, people aged 50 to 65, young people between 15 and 29, as well as women employed under flexible working arrangements.

According to the minister, the four targeted schemes cover 2,110 people in total with a budget of €18 million, which is co-financed under the cohesion policy programme Thalia 2021–2027.

Panayiotou further stated that details of the schemes would be announced later in the day by the Department of Labour.

Finally, he saids that applications would be submitted electronically through a newly developed digital platform designed to facilitate citizens and speed up the process.