The scale of economy exceeds current demographic potential, Labour Minister says

07:34 - 16 September 2024

Economy Reporter

The scale of the Cypriot economy has already exceeded the current demographic potential of the country, Minister of Labour and Social Insurance, Yiannis Panayiotou has said.

He was addressing a conference in Nicosia on technical and vocational education and its connection with the labour market.

"The size of the Cypriot economy has already exceeded the existing demographic potential of the country, and the development planning for the future leads to the creation of even more jobs, which entail the arrival of more workers from abroad, through the appropriate legal procedures", he said, speaking on 14 September.

The Minister noted that "in a labour market that is bigger than ever, unprecedented prospects are opening up for Cypriot workers who are part of the Cypriot backbone of the Cypriot economy."

Cypriot employees, he said, will have a leading role in a multicultural professional environment, with enhanced duties for supervision, training, guidance, safety and quality in the workplace.

The Minister of Labour noted that the goals set by the government are gradually being achieved and referred to the creation of conditions for the full employment of the domestic human resources, renewal and expansion of labour agreements, addressing illegal and undeclared work and strengthening the adequacy of salaries and pensions.

He pointed out the added value of connecting the educational system with the labour market for the right prioritisation of the importance of technical and vocational education, through the characteristics of the Cypriot labour market.

(Source: CNA)

The scale of economy exceeds current demographic potential, Labour Minister says

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