BUSINESS

New employment subsidy projects

ROULA SALOUROU

TAGS: Economy

The clear signs of a slowdown in the unemployment reduction rate have forced the Labor Ministry to draw up plans to introduce three new programs in the next couple of months through the Manpower Organization (OAED). These concern subsidies for the employment of 25,500 jobless people or workers already in existing programs.

The ministry’s aim is to boost employment and bring down the jobless rate, particularly among young people, via targeted programs.

The first program is seen containing the so-called brain drain by employing 5,500 out-of-work university graduates aged between 22 and 29 years and registered with OAED at ministries and state entities that are not related to financial activity.

Another program will finance enterprises in exchange for their continuing to employ people in recently created jobs, bolstering their liquidity as well as employment. The program will continue to subsidize up to 15,000 full- or part-time jobs created between June 2017 and the end of May 2018 at private companies which will have to retain staff in subsidized as well as non-subsidized positions for an additional period as provided by the program.

The third new OAED program will offer a second chance at entrepreneurship to 5,000 jobless formerly self-employed people, to reinstate them in the labor market.

Online