The Cyprus Chamber of Commerce and Industry (Keve) this week released a statement praising the country’s labour market performance in 2024.
The chamber highlighted the significant uptick in employment rates to 79.8 per cent and a decrease in unemployment to 5 per cent, marking the best results in fifteen years.
“The data reveal a thriving labour market, with a dynamic increase in employment, a significant reduction in unemployment and a strengthening of the productive base of the economy, which demonstrates the stable development path of our country,” said Keve.
Moreover, the employment sector grew by 3.2 per cent, while monthly earnings increased by 5.3 per cent.
The number of long-term unemployed also fell to 1,325, signaling an optimistic outlook for the workforce.
However, Keve used these results to also press for policy changes, particularly in terms of the framework surrounding the hiring of foreign nationals.
“These figures demonstrate that in Cyprus there are conditions of full employment, with a serious shortage of labour in all sectors of economic activity in the country,” the chamber said.
In this context, Keve called on the Labour Minister to “immediately adopt the new criteria and procedures for the employment of foreign labour so that businesses are competitive“.
The chamber pointed out the critical role of foreign workers, who numbered 5,000 in 2024, consistent with ministry estimates.
The increase in third-country students working in Cyprus to 3,500, up from 2,700 the previous year, also stressed the growing importance of this group in the labor force.
What is more, Keve stated that employment policies for foreign workers “must remain carefully targeted“.
It added that they should “give priority to the employment of Cypriot workers, applying correct criteria, so that proven market needs are adequately covered”.
Click here to change your cookie preferences