The Cabinet this week approved measures to expand labour market access for students and attract skilled professionals from abroad.
These initiatives aim to address growing employment demands and boost economic growth, Labour Minister Yiannis Panayiotou announced on Tuesday.
Following the cabinet meeting, Panayiotou said that “the council of ministers discussed the positive developments in the labour market for 2024 and took decisions on the dynamic prospects for 2025”.
“The statistics for 2024 confirm the effectiveness of the government’s policy to gradually create full employment conditions and strengthen wage earnings,” he added.
He highlighted the rise in employment to 79.8 per cent, alongside a 15.4 per cent increase in job vacancies and a 14.7 per cent drop in unemployment.
He also noted a 5.3 per cent rise in average wages as “the best performance in the last fifteen years,” according to the Cyprus Statistical Service (Cystat).
Panayiotou then linked these developments to the declining unemployment rate.
“In connection with the reduction of the unemployment rate to 5 per cent, the growth of the Cypriot economy and the corresponding growth of the labour market increase the need for staffing in specific sectors and professions with workers from abroad,” he said.
“To address these needs,” he continued, “it was decided to further widen the access of students and further attract skilled professionals to the Cypriot labour market”.
“The relevant decrees, which will be issued within the week, will serve to strengthen the staffing of the labour market, the growth of the economy and the welfare of citizens,” Panayiotou concluded.
