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Financial Mirror (Cyprus) - - FRONT PAGE -

The un­em­ploy­ment rate rose to 16% of the labour force in the third quar­ter of 2014, from 15.4% in the pre­vi­ous quar­ter, ac­cord­ing to the sta­tis­ti­cal of­fice Cy­s­tat.

The un­em­ploy­ment was higher for men 16.8% com­pared to the 15.2% for women.

Ac­cord­ing to the Labour Force Survey for the third quar­ter, the num­ber of em­ployed per­sons was 366,307 (males 187,314 and fe­males 178,993) and the num­ber of un­em­ployed per­sons to 69,895 (males 37,906 and fe­males 31,989). Un­em­ploy­ment recorded a slight de­crease from the cor­re­spond­ing quar­ter of 2013 (16.2%).

The em­ploy­ment rate for per­sons aged 20-64 was 67.9% (males 72.1% and fe­males 64%), at the same level as the pre­vi­ous quar­ter (67.8%) and up from the cor­re­spond­ing quar­ter of 2013 (67%).

Also the un­em­ploy­ment rate for young per­sons aged 15-24 reached 33.4% of the labour force of the same age group, a de­crease com­pared with the pre­vi­ous quar­ter of 2014 (37.2%) and the cor­re­spond­ing quar­ter of 2013 (38.5%).

Mean­while, the Coun­cil of Min­is­ters has ap­proved the na­tional ac­tion plan for youth em­ploy­ment with an over­all bud­get of 47.23 mln euros. The ac­tion plan has seven pri­or­i­ties, which in­clude the im­ple­men­ta­tion of the EU Youth Guar­an­tee, mon­i­tor­ing and as­sess­ment of the poli­cies on em­ploy­ment mar­ket, en­force­ment of the ef­fec­tive­ness of the em­ploy­ment ser­vices, pro­mo­tion of the small and medium sized en­ter­prises, preven­tion mea­sures against drop­ping out of school and poli­cies to in­crease youth in­clu­sion in the job mar­ket. The fi­nanc­ing comes from na­tional funds (1.1 mln euros), the Euro­pean So­cial Fund (31.98 mln), the Euro­pean Fund for Ru­ral De­vel­op­ment (3.15 mln) and the EU Youth Em­ploy­ment Ini­tia­tive (11.6 mln).

In Septem­ber, youth un­em­ploy­ment had reached 34.8%. In May, the low­est rate in the EU was in Ger­many 8% and the high­est was in Greece 58%, while the EU av­er­age was 22.2% and the Eu­ro­zone av­er­age was 23.3%).

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