Unemployment rises to 5% due to layoffs in tech companies
The Cypriot labor market is in turmoil as major tech giants announce restructuring programs. In recent days, many employees have reported layoffs and contract suspensions in technology and financial sector companies. Unemployment has risen to 5%, while searches for permanent positions have significantly decreased.
This situation is intensified by global restructuring trends, particularly from large American companies like FAANG. All eyes are on Cyprus as it attempts to maintain a strong economy compared to the clear decline in hiring in the West.
For job seekers in Cyprus, this means that finding a position in the tech sector is becoming an extremely competitive process. Experience and specialized knowledge are becoming essential, while working conditions limit opportunities for younger specialists. They are advised to broaden their horizons and reconsider options in other sectors.
Despite the challenging tech sector, the health sector continues to show resilience with good hiring prospects. Public health and care sectors, in particular, have created new job positions, acting as a safe haven for job seekers.
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