Cyprus Plans Unemployment Benefits Fund Transfer

June 25, 2014
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The Cypriot Labor Ministry has brought forth a bill requesting the relocation of 170 million euros in pension accounts to the social security fund, to assist in increasing unemployment allocations.

The transfer between accounts is being viewed as a necessity, after an analysis determined that the unemployment benefit fund is predicted to be outstanding in about 177.5 million euros this year. The Labor Ministry claimed that transfers of this kind have occurred in past years.

Nearly 150 million euros were paid out last year in unemployment wages, while 124.4 million euros were granted in 2012. This marks a 20.4% increase in benefits. Currently the island's unemployment rate affects 75,000 individuals and is almost 17% of its population.

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