Cyprus announces two new Employment Incentive Plans
The Ministry of Labour, Welfare, and Social Insurance announced two new incentive plans for the Unemployed, which will be co-financed by the European Union and the Republic of Cyprus.
The Plans aim to reduce unemployment by providing incentives to employers to hire unemployed and unemployed young people aged 15 to 29.
The incentives aim to subsidy part of the salary cost of each person hired with 48 euros for each working day and correspond to the amount of sponsorship that each beneficiary will receive for each working day that the beneficiary will complete, regardless of the actual salary cost paid by the employer.
The Plans require the employment of each person for ten months with the obligation of the employer for additional employment of the employee for another two months without subsidy.
The total amount that will be allocated for the needs of the two plans is four million euros for the first project for the unemployed and two and a half million euros for the second project for young people aged 15 to 29 who are Not in Education, Employment or Training (NEETs).
It is noted that applications are accepted from 31/5/2021 and until the funds are exhausted or the announcement for the end of the Plans.