In a move to meet increasing employment demands and stimulate economic growth, the Cabinet has approved measures to open the labour market to foreign students and skilled professionals. Labour Minister Yiannis Panayiotou made the announcement on Tuesday following the Cabinet meeting.
Labour Market Growth and Economic Prospects
Panayiotou highlighted the encouraging developments in Cyprus’s labour market for 2024 while discussing the government’s forward-looking plans for 2025. “The data for 2024 underscores the success of our policies in fostering full employment and boosting wage levels,” he noted.
Key achievements in 2024, based on statistics from the Cyprus Statistical Service (Cystat), include:
Addressing Workforce Needs
Panayiotou linked these developments to the increasing demand for workers in specific sectors and professions. “The growth of the Cypriot economy and the corresponding expansion of the labour market necessitate additional workforce staffing, particularly in specialized roles,” he explained.
To meet these demands, the Cabinet has decided to broaden the labour market’s accessibility for foreign students and skilled professionals.
Implementation Plans
The Minister confirmed that new decrees, set to be issued within the week, will formalize these measures. These changes are expected to bolster workforce capacity, promote economic growth, and enhance the well-being of citizens.
Panayiotou concluded by reaffirming the government’s commitment to aligning labour market policies with the evolving needs of the economy.
Source: Cyprus Mail