Cyprus takes steps to bring down joblessnessDecember 11, 2013 @ 5:10 am
NICOSIA, Cyprus (AP) - Cyprus has earmarked 340 million euros ($467.5 million) to help combat joblessness, which is expected to peak next year at over 19 percent in the bailed-out country.
President Nicos Anastasiades says 300 million euros _ half of which will come from the European Investment Bank _ will be channeled to commercial banks for low-interest loans to small- and medium-sized businesses.
Some 7 million euros will help subsidize one existing employee's salary for 10 months at each of 1,000 small retail businesses. The government will also pay half the salary of newly-hired jobless persons in the sector for six months.
Another 8.5 million euros will be used to support 2,500 university graduates under 35 to gain six months-worth of workplace experience.
Anastasiades unveiled a total of ten unemployment-fighting measures on Wednesday.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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