The Cypriot Cabinet of Ministers approved special schemes worth about 150 million euros to support companies, employees and the unemployed over the next few months, as the Coronavirus pandemic continues to have a negative impact on the economy – this was told by the Minister of Labor Zeta Emilianidou.

More than 60,000 people are expected to be covered by the new schemes, plus those receiving unemployment benefits. The Minister stressed that companies will be able to apply for support only if they retain their staff and do not have to resign, but the pandemic will reduce their turnover by at least 40%.

The schemes provide for the subsidization of 60% of wages, the maximum payment plan – 1214 euros, the minimum – 360. They cover, among other things, the tourism industry, which this year was severely affected, as well as enterprises and workers associated with this sector.

The plan will operate from November 1 to March 31, 2021.

Emilianidou noted that the government has also extended the period of payment of unemployment benefits beyond six months.