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Youth Unemployment And Education Gap In Cyprus

Recent Eurostat data reveal that 13.8% of young people in Cyprus, aged 15 to 29, were neither employed nor in education or training (NEET) in 2023. This figure, although showing a decline from the 20.4% recorded in 2013, remains higher than the EU average of 11.2%. Cyprus ranks fifth highest in NEET rates within the EU. The European Pillar of Social Rights aims to reduce NEET rates to 9% by 2030, a target already achieved by several EU countries.

Despite a decrease of 0.9 percentage points from 2022, Cyprus continues to face challenges in integrating young people into the workforce or educational systems. The persistent NEET rate underscores the need for targeted policies and programs to address the barriers preventing youth from engaging in employment or education.

The Cypriot government, in collaboration with the European Union, is working on various initiatives to tackle this issue. These include vocational training programs, apprenticeships, and initiatives aimed at improving access to higher education and job opportunities for young people. The goal is to equip the youth with the necessary skills and qualifications to meet the demands of the modern labour market.

Economic and Social Implications

High NEET rates have significant economic and social implications. Young people who are neither working nor studying are at a higher risk of social exclusion, poverty, and long-term unemployment. Addressing this issue is crucial for fostering a more inclusive and resilient economy.

As Cyprus strives to meet the 2030 target, continuous efforts are needed to reduce the NEET rate further. This involves not only government action but also the participation of businesses, educational institutions, and the community in creating an environment that supports youth engagement in productive activities.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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