AN incentive scheme to boost the hiring of the long-term unemployed was unveiled by the
In a statement, the Council explained that the €5m scheme was designed to cover the period until the end of
According to the statement, the scheme has been devised following public dialogue with stakeholder groups.
It stipulates the provision of grants and sponsorships to businesses in order to incentivise the hiring of people falling in one of two categories – the general target group includes those listed as unemployed in the government's employment database at the time of application to enter the scheme, and the special sub-group of those listed as unemployed in the government's employment service for longer than six months at the time of application.
It was announced that all unemployed Cypriot citizens and foreigners living in
Following a severe banking crisis that culminated in the seizing of deposits in order to recapitalise
According to the scheme's provisions, sponsorships relate to financial support to employers to the tune of 50 per cent of an employee's payroll cost, up to €5,000 for applicants from the general target group. For applicants from the special sub-group, the scheme provides for the state-sponsoring of 60 per cent of their total payroll cost, up to €6,000.
The sponsorship will be available for the first ten months of employment and the employer will be obliged to keep the employee for an additional two months, with no additional sponsorship.
Applications will be accepted at specific time periods, which will be decided by the administrative body.
Should the budgeted amount be depleted prior to the announced conclusion date, the discontinuation of the scheme will be announced in the daily press. However, the statement noted that funds from previously announced schemes have been accumulated to finance the new scheme.
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