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RIF Unveils €16.2 Million Support for Cyprus’ Startups and Established Enterprises

by News Editor

May 22, 2025

RIF Unveils €16.2 Million Support for Cyprus’ Innovators

The Research and Innovation Foundation (RIF) has announced substantial funding of €16.2 million aimed at propelling Cyprus’s established and emerging businesses into the competitive global market. This funding initiative, targeting both seasoned enterprises and budding startups, is designed to cultivate the swift production of innovative products and services.

Upcoming Funding Calls

The funding will be distributed across three programs: INNOVATE and SEED, with a combined budget of €6.2 million, and the STEP programme, commanding a distinct budget of €10 million for expanding facilities and production lines. These programs collectively aim to supercharge competitive advantage on the international stage.

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Focus Areas and Participation

The INNOVATE program welcomes applications from companies in the pilot or market-testing stages, offering up to €1 million per project to enhance commercial production and worldwide distribution capabilities. Simultaneously, the SEED program directs its €3 million budget toward nurturing dynamic, startup ventures, each eligible for up to €500,000 to fast-track their competitive edge internationally.

A notable requirement for INNOVATE program applicants includes submitting audited financial statements and employer obligation documents from the Social Insurance Services.

STEP Program: Shaping Cyprus’ Innovation Future

The STEP program aligns with EU regulations, supporting Cyprus enterprises in developing advanced technologies, efficient green technologies, and biotechnologies. This initiative is anticipated to broaden Cyprus’s production infrastructure significantly.

Getting Ready

Potential participants should promptly prepare their proposals and gather necessary documentation to ensure their submissions upon the open call. Discover how enterprises are leveraging AI innovations to enhance their competitive stance.

Funded by the Republic of Cyprus and the European Regional Development Fund under Thalia 2021–2027, these initiatives promise a well-rounded boost to local innovation.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.