03/12/2004 15:44
In the past few months, dismissals have hit the private sector. After KEO and Mercedes, Laiko Kafekopteio decided to dismiss 40 employees, a phenomenon that does not seem to be periodical. Chairman of the CSE Council, Akis Cleanthous had said last Monday that several listed companies proceeded to a “staff cut” in an effort to reduce the operating expenses and increase profitability. Other staff dismissals took place in Cyprus Airways, Arab Bank and the hotel industry.
Unemployment Fund
After the latest layoffs in the hotel industry, the Labour Ministry has expressed its concerns on the deficit of £22 million in the Unemployment Fund.
According to CYSTAT data, however, unemployment in October dropped to 10,163, which is 2.9% of the workforce against 3% in October 2003.
Bankruptcies
For January – November 2004, bankrupted companies reached 120 against 118 in the corresponding period of 2003. According to the Companies’ Superintendent, most bankruptcies occur in the sector of general trade (13) and constructions (10).
Unemployment Fund
After the latest layoffs in the hotel industry, the Labour Ministry has expressed its concerns on the deficit of £22 million in the Unemployment Fund.
According to CYSTAT data, however, unemployment in October dropped to 10,163, which is 2.9% of the workforce against 3% in October 2003.
Bankruptcies
For January – November 2004, bankrupted companies reached 120 against 118 in the corresponding period of 2003. According to the Companies’ Superintendent, most bankruptcies occur in the sector of general trade (13) and constructions (10).
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