The Cypriot government has achieved remarkable success in bolstering employment and reducing unemployment, according to Labour and Social Insurance Minister Yiannis Panayiotou. Over the past two years, employment in Cyprus has soared by 4.3%, reaching an all-time high of 79.8% in 2024, while unemployment has plummeted by 21%, settling at 4.9%.
Impactful Policies And Future Goals
During a comprehensive press conference on April 15, Minister Panayiotou highlighted the government’s dedication to a human-centric policy. Key outcomes include not only increases in employment and skilled workforce development but also a significant boost in average wages. For comparison, the national employment target of 80% by 2030, part of the European Pillar of Social Rights, is anticipated to be achieved as early as 2025.
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Furthermore, noteworthy strides have been made in empowering women and youth in the workforce, hitting unprecedented employment figures for these groups. The youth employment rate, now at 87%, represents a historical peak.
Sustainability And Economic Growth
Skill development focusing on green and digital education has been amplified, with training programs expanding almost sevenfold. The surge in average wages—rising to just under €2,500 in 2024 from approximately €2,000 in the previous decade—demonstrates substantial economic growth. Meanwhile, the government has ensured that wage increases surpass inflation, thereby improving living standards.
Additionally, the government’s decision to raise the minimum wage to €1,000 further exemplifies its commitment to economic stability and social cohesion.
As Cyprus continues to shape its future, the government’s policies are undeniably building a solid foundation for a prosperous and sustainable economy.
