The labour market in 2024 is “the best” of the last 15 years in terms of new job creation, the employment rate and salaries, the government claimed on Tuesday.

Labour Minister Yiannis Panayiotou made the remarks while presenting the trajectory and prospects of the labour market in Cyprus.

Citing data from the Statistical Service, he compared 2023 to 2024. He said new jobs increased by 15.4 per cent, corresponding to 14,339 jobs – or 3.2 per cent of all workers.

Meanwhile the employment rate registered at 79.8 per cent. On an EU level, this was very high.

Compared to last year, the total number of workers went up from 459,196 to 465,459.

Replying to a question as to whether the government is concerned about a possible mass return of Syrians to their country, and whether this might impact the construction sector in particular, Panayiotou said that authorities are “monitoring the situation”.

The government has already begun planning ahead for such scenarios, he said.

Elsewhere, the minister said the number of long-term unemployed – those registered as jobless for six to 12 months – has dropped to 1,325 from 1,884 earlier.

On labour costs relating to wages per hour of work, these have gone up by 4.5 per cent. The average monthly salary has increased by 5.3 per cent and is now is €2,390 compared to €2,270 for the same period last year.

The minister then referred to government plans to boost the labour market and outlined four schemes that have already been rolled out.

The first relates to hiring people with chronic illnesses. Already 166 people have been placed in jobs. The budget is €4 million.

The second involves hiring disabled people, and 80 have been placed in jobs.

The third relates to hiring unemployed persons who can work remotely. Here, 333 people have been placed in jobs.

Last is a scheme for rehabilitating convicts, where 89 people have been hired.

Going forward, as of January the government will implement schemes targeted at hiring unemployed people over the age of 50, and hiring unemployed women.

The government has budgeted €15 million for these schemes.

Summarising the labour market, the minister spoke of “positive developments and dynamic prospects”.