The Statistical Service announces that it has published the report “Labour Force Survey” for 2012.
Whilst we will share the main findings with you below, there’s one that blew our mind…
The unemployment rate amounted to 11,8% of the labour force, which was lower for females 11,1% and higher for males 12,5%. The highest rate of unemployment was observed among young persons below 25 years of age where it accounted for 27,8% of the labour force of the same age group.
This hammers home that even before the financial-clothes-line we just felt, the ‘new blood’ was not being pumped in our own economy. This obviously led to many leaving for jobs overseas, thus further contributing to the brain drain that our little island is constantly ‘fighting’ (and yes, we use the word fighting… so lightly it could be poured over a hamburger and reduce it’s calorie count).
Now whilst everyone keeps complaining, we’re on a mission. That mission’s first step is called RentADeskCyprus.com, we’re not sure if you’ve noticed as there are ONLY two banners for it on this page right now, in which we try to keep these young minds here in Cyprus, building businesses and driving forward growth.
Whilst it’s still early days, we believe that as these new businesses grow, they too will need to expand out of our partners’ office spaces and into their own offices, with teams around the island or world, creating job opportunity and investment opportunities outside of Forex, Gas Reserves and Periptera (no offence if you work in those, but a bit of variety helps us all).
Without further ado, heres the rest of the summary of the Survey for 2012.
The report provides data on the employed and unemployed population which are analysed by gender, age, education, branch of economic activity and occupational group. Data are also presented on part-time employment as well as for second job holders and the weekly hours of work. The report also provides data on the ad-hoc module on “Transition from work to retirement”.
The main findings of the survey are the following:
(a) The labour force (i.e. the employed and unemployed persons) amounted to 440.604 persons in 2012 consisting of 52,7% men and 47,3% women.
(b) The employed persons reached 388.605 and the employment rate for persons aged 20-64 years old was 70,2 %. The corresponding rate for males stood at 76,1 % while that for females was much lower at 64,8%. Both rates, however, are among the highest in the European Union.
(c) The workforce of Cyprus has a relatively high educational background since more than one-third (42,1%) of the workforce have completed tertiary education and 39,0% completed upper secondary education.
(d) 41.670 persons or 10,7% of the employed worked on a part-time basis and 48,2% of these reported that they could not find a full-time job while 18,9% reported that they work on a part-time basis for personal or family reasons.
(e) 2,6% of the working population or 10.015 persons reported having a second job also and a large proportion of these (22,1%) chose agriculture as a sideline.
(f) The unemployment rate amounted to 11,8% of the labour force, which was lower for females 11,1% and higher for males 12,5%. The highest rate of unemployment was observed among young persons below 25 years of age where it accounted for 27,8% of the labour force of the same age group.
The main findings of the ad-hoc module are the following:
(a) 89,8% of the persons aged 50-69 receive old age pension from social insurance and/or pension from government/semi government/ local government or social pension, 3,2% receive old age pension from an occupational old age pension scheme, 2,8 receive old age pension from a personal old age pension scheme e.g. through life-insurance companies while 7,0% receive widow’s pension and 6,2% disability / invalidity pension. It is noted that someone could receive more than one type of pension.
(b) 41,9% of the persons aged 50-69 received their first old age pension at the age of 63 years old, 18,7% received it at the age of 65 years old, 16,8% at the age of 60 years old while only 5,5% received their first pension at the age of 55 years old.
(c) From the persons aged 50-69 who receive a pension and did not stay longer at work, 33,7% stated as the main reason for doing so that they had reached compulsory retirement age, 23,5% that they had reached eligibility for a pension, 16,5% stated as a reason own health or disability, 9,4% for family or care-related reasons, 7,3% stated that they had lost their job and /or could not find a job and only 4,7% stated that they did not stay longer at work due to favourable financial arrangements to leave.
(d) From the employed persons aged 50-69 who receive a pension and stayed at work 35,8% stated as the main reason for doing so the provision of sufficient personal/household income, 6,0% stated the establishment or increase of future retirement pension entitlements, 30,4% the combination of the two above while 27,8% stated other non-financial reasons for staying at work like work satisfaction.
(e) From the employed persons aged 50-69 who receive a pension and stayed at work 40,3% stated that they plan to stop working in more than 1 year and up to 3 years, 27,3% in more than 3 years and up to 5 years, 15,5% in more than 5 years and up to 10 years, 10,9% in up to 1 year while only 6,0% stated that they plan to stop working in more than 10 years.
(g) From the persons aged 50-69 who do not receive a pension 96,3% stated that they have contributed so far towards building up pension rights for old age pension from social insurance, and/or pension from government/semi-government/local government.
(h) From the employed persons aged 50-69 who do not receive a pension but have contributed towards building up pension rights 50,5% stated that will stop to work immediately after receiving old age pension while 39,4% expects to continue to work even after they receive a pension for financial reasons.
(i) From the persons aged 50-69 who do not work and do not receive a pension but have contributed towards building up pension rights 42,6% stated that they will stop immediately to look for a job after receiving old age pension, while 51,9% expect to continue to look for a job even after they receive a pension for financial reasons.