The Ministry of Labor and Social Insurance is set to implement a training program for employees in hotel units, or ξενοδοχειακές μονάδες, that are in total or partial αναστολή εργασιών (suspension of operations). This initiative affects hotels prevalent during two distinct periods: December 2023 – March 2024, and January 2024 – May 2024 (for Mountain Resort Hotels specifically). If these hotels decide to continue operations during these times where they have historically been suspended, the unemployment benefit will instead be granted to the hotel as an επίδομα κατάρτισης (training allowance), while the employees will receive their full salaries from the hotel. This plan aims to advance the professional skills of hotel workers, upgrading the overall quality of Cyprus’s tourism product. Management of the plan will rest with the Social Insurance Services of the Ministry of Labor and Social Insurance. For more information, visit www.mlsi.gov.cy/sid.
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
