The economy must translate growth into progress for society and citizens, President Nikos Christodoulides said in a post on X on Thursday, referring to employment and unemployment figures published by the Statistical Service.
Christodoulides said economic growth should result in more jobs, greater opportunities and increased security for every citizen and family.
“This is the essence of an economy that grows with stability and prospects,” the President said.
Employment figures confirm positive trend
The President said the latest labour market figures confirm the direction of the economy, pointing to more people in work and greater employment opportunities.
He added that the economy is creating prospects and security across all sectors.
“Above all, Cyprus,” Christodoulides concluded in his post.
The catch
According to data, the economy sees an upward trend. But how is it that Cypriot citizens struggle to make ends meet? The unemployment rate fell to its lowest level since 2008, but still there is a struggle to afford the necessities.
Statistically, unemployment fell, but do the numbers match reality? Young people with no previous work experience often do not see the advantage of registering as unemployed. Since they have not paid social insurance contributions before, they are not entitled to unemployment benefits. It is therefore reasonable to conclude that a statistically low unemoloyment rate does not accurately indicate an employed populus.
Setting aside the debate around unemployment, even those with jobs would argue that they are not “gainfully employed”. Minimum wage has not seen a meaningful increase in many years. The cost of living goes up, while the average income barely covers necessities.
The job market may be vast, but surely there is a difference between a job and a career. The dream of finishing high school or university and finding a profession you love is not realistic anymore. Young people struggle to find a job in their field, let alone one with a sufficient salary.
Instead, youths rely on unskilled labour, counting on finding work in customer relations or food service, rather than the vocations for which they may have studied. How is it then that “economy must translate growth into progress for society and citizens”, when most people do not see themselves building a career?
Also read: Unemployment falls to lowest level since 2008 – 540,130 employed
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