Labour and Social Insurance Minister Zeta Emilianidou announced a package of measures aimed at combating unemployment that reached 14.2% in March, more than double what it was five years ago.

Emilianidou said the projects are co-funded by the EU and said will help all permanent European residents, but said she hoped that more Cypriots would be employed.

According to official statistics, the number of registered unemployed in Cyprus reached 45,000 in April, of whom 33,500 were Greek Cypriots.

Emilianidou noted that unemployment affects all ages, but in particular young people.

"We have too many young people out of work, graduates and non-graduates", she said, adding that more measures will be announced at a later stage.

The three measures include a 6.8 mln euro grant to hire or keep 1,000 people on a flexible timetable and work from home, 20 mln euros to employ 6,000 people in the hotel, food and tourism industry, and a 4 mln euro traineeship “stagiaire” programme for 1,000 unemployed graduates (under 35 years) to gain work experience by subsidising them with 500 euros a month.

Cyprus recorded the second highest rise in EU unemployment in March. According to Eurostat, unemployment increased in 19 member states and fell in eight, compared to March 2012.

The highest increases were recorded in Greece (21.5% to 27.2% between January 2012 and January 2013), Cyprus (10.7% to 14.2%), Spain (24.1% to 26.7%) and Portugal (15.1% to 17.5%).

Source: Financial Mirror