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Cyprus: Harnessing €1.8 Billion EU Funds for Ambitious Development by 2029

by News Editor

April 22, 2025

Cyprus has embarked on an ambitious journey with the THALIA 2021-2027 programme, securing a record €1.8 billion, the largest since joining the EU in 2004.

With the European Commission’s approval in July 2022, €969 million in EU funds will complement the rest from Cyprus’ national budget. Already, €600 million has been put to work in over 100 projects, either completed or in progress.

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Projections are promising with a potential 6% GDP boost and 8,500 new jobs by 2029, concentrating on green, digital, local development, job creation, and social inclusion initiatives.

Building on the momentum from the 2014-2020 period, Cyprus led the EU in fund absorption, channeling €880 million for public investment, fueling 24,000 jobs and 6% GDP growth.

In Nicosia, projects have revitalized Eleftheria Square, upgraded Aglantzia Avenue, and restored the Municipal Theatre. Larnaca has seen new municipal markets and cultural spaces.

Paphos projects include the Ibrahim Khan restoration and Kennedy Square upgrades. Limassol focuses on port enhancements.

Key undertakings include the Stelios Ioannou Library and the Green Points network across Cyprus. Future THALIA projects aim at energy efficiency, local growth, youth entrepreneurship, and social inclusion.

With 160 projects expected by 2029, Cyprus is set to make a transformative leap forward.

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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.