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Cyprus: Unemployment 50% at the most productive working age

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Cyprus: Unemployment 50% at the most productive working age

Although unemployment has fallen sharply in recent months, statistics show that 50% of the unemployed are in the 30-50 age group. At the same time, 32% or about one in three unemployed people have a university education.

However, with the unlocking of the economy, the fall in unemployment presents a significant and continuous de-escalation. In particular, at the end of July 2021 the registered unemployed amounted to 18,950 people, while based on the data corrected for seasonal fluctuations, the number of registered unemployed at the end of the same month decreased to 22,778 people compared to 26,429 in June. Compared to July 2020, there was a decrease of 13,363 persons or 41.4%, which is mainly attributed to the sectors of accommodation and catering services (decrease of 5,743), trade (decrease of 2,106), transport and storage (decrease of 756), processing (decrease 704), administrative and support activities (decrease 518) and financial and insurance activities (decrease 509).

Unemployed age groups

As previously mentioned, out of the total of 18,950 people who were unemployed at the end of July 2021, the largest number was between the ages of 30 and 39 (5,579), followed by the age group of 40 to 49 (4,067) and the group of 50 with 59 years (4,047). In terms of younger ages, the unemployed were 2,147 for those aged 25 to 29, and 707 for the under-24 group.

The total average unemployed for 2021 (from January to July), was 29,596. In the age group of 30 to 39 years the average of the unemployed was 8,818, while in the ages of 40 to 49 the average is 6,112. That is, a percentage of 50% between the ages of 30 and 49 are unemployed at the most productive age of their lives. In addition, a fact that needs to be mentioned is that 32% of the unemployed since the beginning of the year are people with university education (9,600) out of a total of 29,596, while 10,905 of the unemployed are with secondary general education.

update

Finally, it should be noted that according to the information of the Department of Labor, from Tuesday, June 15, 2021, the automatic renewal of registrations was completed and the online platform of the Public Employment Service was activated to allow the registration of a new job application, its renewal. as well as job posting. According to the announcement of the Statistical Service, this new regulation may affect the comparison of the monthly unemployment data recorded through this new procedure with the data recorded from the previous procedures and which is evaluated by the Department of Labor.

Source: politis.com.cy

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