The program allows employers to receive financial assistance for hiring people over 50 who are registered with the Public Employment Service (PES). The aim is to boost employment and support social cohesion through sustainable jobs.
The program, which is co-funded by the European Social Fund+ (ESF+) and the Republic of Cyprus, offers significant benefits to employers and employees.
- It is aimed at employers operating in areas controlled by the Republic of Cyprus.
- Beneficiaries: unemployed persons over 50 years of age, registered with the PES by the date of recruitment.
- The position must be declared to the DYA and the recruitment must constitute a net increase in staff.
- The salary cannot be lower than the national minimum wage (€900 gross initially / €1,000 after 6 months).
- The subsidy amounts to €8,600 per recruitment and covers 10 months of employment, with the obligation to retain the employee for an additional 2 months without subsidy.
- Each employer can include up to 5 people.
- Applications must be submitted electronically within 1 month of hiring and are evaluated on a first-come, first-served basis.
Maximum grant €8,600 per recruitment