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The Cypriot government will introduce three new employment schemes totaling €15 million to support women and individuals over 50, Labour and Social Insurance Minister Yiannis Panayiotou announced Tuesday.
Aimed at creating 1,760 jobs, the schemes will be presented to the Council of Ministers next week and launched immediately after approval. The initiative is part of the government’s broader strategy to strengthen the domestic labor market through targeted measures.
Panayiotou said the programs reflect the administration’s commitment to achieving full employment, noting that Cyprus has reached a record-high employment rate of 80%, surpassing the European Union’s 2030 target. Unemployment has dropped below 5%, placing Cyprus among the top EU nations for job growth.
The three schemes include:
- A €4 million program providing €8,600 in incentives per hire to employ 470 jobseekers aged over 50.
- A €7 million program aiming to employ 820 unemployed women.
- A €4 million initiative focused on bringing 470 inactive women into the workforce through flexible arrangements.
The subsidies are tied to 12-month employment contracts, covering 10 months of that period, according to Labour Department Director Alexandros Alexandrou. He added that interest in similar programs remains high, with funds typically fully utilized.
The new schemes build on existing efforts to support vulnerable groups, including people with disabilities, chronic illnesses, and former inmates. Officials said the government will continue pursuing employment growth to ensure that economic expansion translates into improved quality of life and broader workforce inclusion.
