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Cyprus Aims to Slash Unemployment Below 5%, Says Labour Minister

The Minister of Labour and Social Insurance, Yannis Panayiotou, has unveiled an ambitious plan to bring Cyprus’s unemployment rate below 5%. Speaking on Friday at the presentation of the Ministry’s 2025 budget to the Finance Parliamentary Committee, the Minister outlined key strategies and increased funding to meet this objective.

Boosted Budget for Economic Growth

To support this target, the Ministry’s 2025 budget will increase by €84 million compared to 2024, reaching a total of €884 million. Minister Panayiotou attributed the rise in the Ministry’s revenues to the expanding Cypriot economy, which has led to higher contributions to the Social Insurance Fund thanks to an increasing workforce.

“The creation of full employment conditions for the domestic workforce is a challenging goal, but one we believe is achievable,” the Minister remarked.

Exceeding Expectations

The Labour Minister highlighted that the unemployment rate for 2024 is projected to fall below 5.5%, surpassing the initial target of 5.8%. These positive trends underscore the effectiveness of current strategies and provide a strong foundation for achieving even lower unemployment rates in the years ahead.

Focus on Key Demographics

Minister Panayiotou noted that unemployment primarily affects two groups: young people under 30 and adults over 55. To address this, the Ministry is developing targeted programs aimed at integrating these demographics into the workforce.

He also emphasised the long-term benefits of early workforce entry, pointing out that earlier participation strengthens the Social Insurance Fund and secures better pensions for workers.

Looking Ahead

As Cyprus continues to experience economic growth, the Ministry’s renewed focus on reducing unemployment and supporting vulnerable groups is expected to yield significant results. With a clear strategy and increased resources, the government is committed to fostering a robust and inclusive labour market for all.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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