Cyprus Minister of Labour and Social Insurance Zeta Emilianides said she will tomorrow announce new schemes aiming at employing 5,000 youth for a period six months to acquire work experience.
The plans, with a total cost of €40 billion were discussed during a meeting of the National Employment Committee. The plan will be co-financed by the European Social Fund by 95%.
Emilianides said the first scheme concerns the employment of 2,500 university graduates to be employed either in the public or the private sector that has already been in place since 2013 and will be renewed for this year for another six months.
An additional scheme targets unemployed youth, graduates of secondary education or holders of port-secondary education diplomas to be employed for six month with a view to acquiring work experience while they will receive a monthly salary of €500 plus social insurance.
The Minister added the plans provide for a period of one month for applications.
Furthermore, referring to the so far response to the measures already in place, Emilianides said "I receive positive comments both from private and the public sector both as regards the scheme`s performance as well as the interest shown by youth and we are very satisfied that we gave them the opportunity to work and to receive this apprenticeship allowance while acquiring work experience and new knowledge that are very important."
Amid the continuing economic downturn and a severe adjustment of the economy prompted by a €10 billion financial assistance package, featuring an unprecedented haircut on banking deposits over 100,000, unemployment in Cyprus reached to a record 18.4% according to Eurostat seasonally adjusted data, while youth unemployment under 25 surged to 40.8%.
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