NEET rate in Cyprus drops to 13.8%, still above EU average

The percentage of young people in Cyprus who are not employed, studying, or in training (NEETs) has decreased to 13.8%, based on the first year results of the "Employment Counseling Unit Services for NEETs" project.

Minister of Labour and Social Insurance Yiannis Panayiotou pointed out that achieving full employment remains a top priority for the government, aiming for this by 2025.

During a press conference presenting the project’s results, it was mentioned that since its start in January 2024, 400 young people who were unemployed or not in education or training have been identified and assisted. A total of 717 counselling sessions have taken place.

Although Cyprus has seen a gradual decrease in the NEET rate, reaching 13.8% in 2023, this rate is still above the EU average.

The project's goal is to find and register at least 1,200 NEETs in the Public Employment Service’s Unemployment Registry, while providing tailored counselling, such as CV writing, interview skills, and information on training options. It also seeks to facilitate job placements and support integration into the labour market or education.

In his speech, Panayiotou stressed the success of the government’s employment strategies, noting clear positive effects in the labor market during the initial two years of the administration.

He noted that "unemployment has decline to 5%, and employment levels are approaching 80%, reflecting the best conditions in the past 15 years."

"Wages are gradually improving, as demonstrated by the increase in both the average and median salary. Meanwhile, through social dialogue, major collective agreements have been renewed with a long-term outlook until the end of 2027," he added.

Panayiotou reiterated the government's commitment to achieving full employment conditions by 2025, stressing the importance of leveraging all available mechanisms and tools within the Ministry of Labour and Social Insurance.

He also pointed out the project’s significant contribution to youth employment, providing guidance for their career development and integration into the workforce.

(Source: CNA)