Cyprus President Nikos Christodoulides highlighted key economic and labor policy decisions on Wednesday during a Council of Ministers meeting at the Presidential Palace, emphasizing efforts to boost employment and draw Cypriot professionals back home.
One of the major announcements was the president’s upcoming trip to London in May, where he plans to meet with Cypriots working abroad and present an attractive package to encourage their return to Cyprus.
“I believe this initiative will be successful,” Christodoulides stated, explaining that both Cypriot and foreign business leaders will join him in London to directly connect with professionals looking for opportunities back home. His goal? To turn Cyprus’ “brain drain” into a “brain gain.”
The Council of Ministers also approved two significant labor market measures: a minimum wage increase for 19 professions in the hotel industry, effective January 1, 2025 (over the past two years, wages in this sector have risen by more than 10%, improving salaries for thousands of low-income hospitality workers); and a new framework for hiring foreign workers, addressing staffing shortages caused by economic growth and lower unemployment rates.
