Crisis: Cyprus unemployment funds drying up

07 November, 15:25

(ANSAmed) - NICOSIA, NOVEMBER 7 - 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 euros in dole benefits by the end of this year. The figure, as daily Famagusta Gazette reports, 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% of the economically active population in Cyprus. 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.'' (ANSAmed).


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