CYPRUS: Unemployment benefit pay drops 66% y-o-y in November

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Unemployment benefit payments recorded the second highest annual drop in the last three years, down by 66.4% in November, compared to the same month in 2013.
According to Social Insurance Department data, €4.8 mln were paid from the unemployment benefit fund in November when the national jobless level had dipped to just below 17%, compared to €14.3 mln a year earlier.
The biggest annual decrease in the payment of unemployment benefits was in April 2014 when it dropped 68.1% year-on-year.
During the January to November 2014 period, payments of unemployment benefit decreased by 21.1% to €111.5 mln from €141.4 mln in the corresponding period of 2013, the year when a €10 bln bailout plan was agreed with Cyprus’s international lenders (EU, ECB, IMF).