Nicosia: The cabinet has given the green light to new employment schemes targeting 2,110 individuals, with a designated budget of 18 million euros. Labour Minister Yiannis Panayiotou made the announcement following the Wednesday cabinet meeting, highlighting the government’s commitment to improving the labour market and achieving full employment over the past two years.
According to Cyprus News Agency, the Labour Minister elaborated on the specifics of the approved schemes, which include four targeted incentive plans designed to recruit currently non-productive citizens. These initiatives come as the unemployment rate has fallen below 5%, matching levels seen in 2008, while the employment rate has soared past 80%, marking record high performances that align with European targets set for 2030.
The newly approved schemes are part of a broader strategy to ensure full employment, focusing on specific demographic groups. These include women of all ages, citizens aged 50 to 65 and 15 to 29, and women seeking flexible working arrangements. The plans are co-financed through the “Thalia 2021-2027” cohesion policy program, which aims to support such employment initiatives.