The situation on the labor market in the past year has become a record for the last 15 years in terms of the creation of new jobs, employment levels and wages. This was stated by the Minister of Labor Yiannis Panayiotou, who presented the current state and prospects for the development of the country's labor market.
How the labor market has changed over the year: numbers and facts
The Minister compared data from the Statistical Service for 2023 and 2024. According to him, the number of new jobs increased by 15.4%, which corresponds to 14,339 vacancies. The employment rate was 79.8%. This is a very high figure for an EU country. Compared to last year, the total number of employees increased from 459,196 to 465,459.
The number of registered unemployed for a long period - for 6-12 months - decreased from 1884 to 1325.
Labor costs per hour worked increased by 4.5%. The average monthly salary increased by 5.3% and currently stands at 2,390 euros (last year: 2,270 euros).
Government programs and employment incentives
The minister spoke about the government’s plans to stimulate the labor market and outlined four areas that are already being implemented:
– A plan to employ people with chronic illnesses, which currently employs 166 people. The total cost of the program will be 4 million euros. – A plan for the employment of people with disabilities, under which 80 people were employed. – A plan for the employment of the unemployed for remote work, under which 333 people began working. – A program for the social reintegration of former prisoners, under which 89 people were employed.
From January, the government will begin to introduce programs aimed at employing unemployed people over 50 years of age and unemployed women. The budget provides 15 million euros for these purposes.
Will the possible outflow of Syrian citizens affect the labor market?
Asked whether the government was concerned about a possible mass return of Syrians to their country and whether this could impact the construction sector in particular, Panayiotou said authorities were “monitoring the situation.” According to him, the government has already started planning ahead for various scenarios.
The text was prepared based on materials from Cyprus Mail