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The Cypriot labor market
After the economic recession the Cypriot economy has started to recover and so did its labor market. The European Statistical Office issued a report showing the unemployment rate in the last quarter of 2014 was 16%. However, starting with 2015 the labor market has started to register decreases in the unemployment rate in all the country’s districts. Nicosia and Limassol are the two districts registering the lowest unemployment rates due to the high number of foreign enterprisers investing in the two areas. When it comes to the labor market sectors, the construction sector employs approximately 19% of the total Cypriot workforce, followed by the wholesale and retail sector with 17% and restaurants with 16%.
The available workforce in Cyprus
The sectors providing workplaces in Cyprus at the moment are the tourism, agriculture, trade, transport and processing. Most Cypriot companies seek to employ workers on the following positions:
- transport workers,
- care workers and nurses,
- secretarial staff,
- salespersons,
- technical consultants,
- IT specialists,
- engineers,
- economists and marketing executives,
- accountants.
At the moment, there are available Cypriot workers in all sectors of the economy, but the country also attracts young professionals from other EU member states. Based on the high number of foreigners, the Cypriot workforce is currently one the most proficient in English-speaking workforces in Europe. Most foreign citizens willing to relocate to Cyprus are aged between 21 and 35.
Employment conditions in Cyprus
The working conditions are very good considering the Cypriot Employment Law which is very strict about the protection of employees. Companies offer full-time and part-time positions, but in the tourism and agriculture sectors, seasonal employment is also very common. Cyprus also has special laws regulating providers of services and fix-term jobs. The Department of Labor Relations is responsible for ensuring the employment legislation is followed by both Cypriot employers and employees. Foreign companies seeking to employ workers have the possibility of turning to recruitment agencies in Cyprus.
For additional information about working or hiring employees, please contact our law firm in Cyprus.