Business & Economy

€10.81 million earmarked for Cyprus in Youth Guarantee initiative

13 March, 2014

The European Commission has already approved the programmes of countries to be participating in the initiative "Youth Guarantee", which provided for €6 million in 2014 and 2015 to address youth unemployment, with a sum of €10.81 million earmarked for Cyprus.

The Spokesman for Commissioner for Employment, Social Affairs and Inclusion László Andor, referring to the initiative, said that with the funding the member states should be in a position to offer employment or training to every young person under the age of 25, in four months at the latest after the person loses a job or completes studies.
The 19 member states that have been chosen to participate in the initiative may give a broader interpretation to participation by raising the age limit, without that affecting the height of the funding.

According to Eurostat data, in January the number of unemployed persons under the age of 25 was 5.556 million in the EU, of which 3.539 million were in Eurozone countries. In Cyprus, youth unemployment reached 40.3% in January.