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President Nikos Christodoulides highlighted key economic and labor policy decisions today during a Council of Ministers meeting at the Presidential Palace, emphasizing efforts to boost employment and attract Cypriot professionals back home.
Aiming to Reverse the "Brain Drain"
One of the major announcements was the President’s upcoming trip to London in May, where he plans to meet with Cypriots working abroad and present an attractive package to encourage their return to Cyprus.
“I believe this initiative will be successful,” Christodoulides stated, explaining that both Cypriot and foreign business leaders will join him in London to directly connect with professionals looking for opportunities back home. His goal? Turn Cyprus’s “brain drain” into a “brain gain.”
President Christodoulides pushes for ''Brain Gain'' and labor market growth
Wage Increases and Foreign Worker Policies
The Council of Ministers also approved two significant labor market measures:
- Minimum wage increase for 19 professions in the hotel industry, effective January 1, 2025. Over the past two years, wages in this sector have risen by more than 10%, improving salaries for thousands of low-income hospitality workers.
- New framework for hiring foreign workers, addressing staffing shortages caused by economic growth and lower unemployment rates. With unemployment at just 5%—a 15-year low—Cyprus is experiencing increased demand for workers across various sectors.
Volunteering Gets a Long-Awaited Upgrade
Christodoulides also announced an initiative to modernize volunteerism regulations, marking the first update in nearly two decades. Acknowledging the vital role of volunteers in social welfare, the government aims to make the Pancyprian Coordinating Council of Volunteerism more flexible, effective, and methodical.
“We want civil society to play a greater role in decision-making and tackling challenges,” the President said, reinforcing his administration’s commitment to delivering on promises made to the Cypriot people.
A Stronger Economy, A Stronger Workforce
With economic growth among the highest in Europe and employment at 80%, Cyprus is making strategic moves to ensure sustainable development. The government’s push for higher wages, skilled workforce retention, and streamlined labor policies aims to strengthen the island’s economy while creating better opportunities for Cypriots at home and abroad.
