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Cyprus unemployment funds drying up


 
Unemployment in Cyprus is recording the third fastest rise in the EU after Greece and Spain, according to the EU Employment and Social Situation Review.
FAMAGUSTA GAZETTE
• Tuesday, 06 November, 2012
THE DEMAND for unemployment benefits across Cyprus has put a strain on state unemployment funds.

Following the highest levels of unemployment since the creation of the Republic of Cyprus in 1960, the state will have paid out over €100 million in dole benefits by the end of this year.

The figure has shattered all prior records of payouts to those without work and means the state has now has to jiggle funds allocated from various ministries to the Department of Labour.

The incredible spike in unemployment comes after figures show that those without work stands at 12.2 percent of the economically active population in Cyprus.

CyBC quoted Labour Minister Sotiroula Charalambous as saying because the fact that the unemployment fund has been depleted, she has been forced to request for money to be transferred from other ministry accounts, but she did not give specifics on which ministries would have to plug the gap.

Unemployment in Cyprus is recording the third fastest rise in the EU after Greece and Spain, according to the EU Employment and Social Situation Review.

In September the Social Situation Review concluded that the outlook for Cyprus remains bleak as "The consumer confidence indicator continues to deteriorate, unemployment expectations are on the increase and expectations about the general economic situation are again worsening.”
 
source: Famagusta Gazette





  

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