Cyprus Business Now: Government Employment and Fintech Summit

government employment fintech

In October 2023, government employment in Cyprus increased by 0.5%, reaching a total of 53,554 employees. The Education Service experienced a significant rise in temporary staff, with a 24.2% increase for the academic year 2023-2024. Meanwhile, the upcoming “Future of Fintech Summit” organized by Forbes Cyprus promises to bring together notable industry figures for engaging talks and discussions. The Cyprus Stock Exchange faced losses, and residents were alerted to heavy rainfall.

What recent changes have occurred in government employment in Cyprus?

In October 2023, Cyprus government employment rose by 283, a 0.5% increase, reaching 53,554 employees. Permanent staff decreased by 702 (2.7%), whereas temporary staff rose by 2,557 (13.3%), notably in the Education Service, which experienced a 24.2% increase in temporary staff.

Government Employment Shifts

In a recent report by the Cyprus Statistical Service, as of October 2023, government employment in Cyprus saw a modest rise by 283 people. That’s a 0.5 per cent increase from the previous year, landing at a total of 53,554 employees. Dig a bit deeper, and you’ll notice changes within the ranks: permanent staff numbers dropped by 702, a dip of 2.7 per cent, while temporary staff numbers swelled significantly by 2,557—a robust 13.3 per cent jump.

Education Service Sees Major Temporary Staff Increase

This uptick in temporary personnel owes much to the Education Service which abolished the service procurement regime for support programs in the Ministry of Education. This change, for the academic year 2023-2024, has led to a striking 24.2 per cent rise in temporary staff within this sector. Looking at short-term changes, from September to October 2023, a 23.0 per cent surge in temporary staff was noted, again in the Education Service.

Transfers and Decreases in Hourly Paid Personnel

Meanwhile, Hourly Paid Personnel numbers have decreased by 18.6 per cent, primarily due to staff transfers from the Ministry of Health to the Organisation of State Health Services, now part of the Broad Public Sector as of January 2023.

The Future of Fintech Summit Approaches

The financial technology sector is set to dazzle with Forbes Cyprus organizing “The Future of Fintech Summit.” Scheduled for December 7-8, this event is shaping up to be a gathering of some of the keenest minds in fintech. Attendees can expect a series of engaging talks and discussions led by prominent industry figures.

Speakers to Look Forward To

Among those confirmed to share their insights at the summit are renowned professionals such as:

  • Georg Hauer, a revered figure in fintech circles.
  • Sarah Finegan, known for her investor role and voice on “At the Cap Table.”
  • Uri Poliavich brings over 13 years of industry wisdom to the table.
  • Umang Sota, a name synonymous with innovation in Fintech at
  • Andreas Vlachos, who plays a pivotal role in growth at Binance for Greece and Cyprus.
  • Pedro Batista, a Fintech CEO with a wealth of experience in banking giants.

This impressive lineup promises to deliver a treasure trove of knowledge and expertise. In anticipation, an Early Bird Discount is available for those who act quickly, with a 15 per cent saving on tickets purchased before November 30, using the code NOV15.

For further details, check out the summit website at Fintech Expo.

Cyprus Stock Exchange Faces a Dip

Turning to the financial markets, the Cyprus Stock Exchange ended a trading day with notable losses. The general index was down by 0.44 per cent, with specific sectors like the main and investment firm indexes also seeing declines. Against this backdrop, certain stocks like Vassiliko Cement Works and Logicom caught investors’ eyes, despite a downward trend.

Local Weather Alerts

In other news, a yellow weather warning is in effect due to expected heavy rainfall, so residents and visitors should plan accordingly.

About the Author

Kyriacos Nicolaou, an esteemed member of the Cyprus Mail’s crew since 2020, primarily covers business and finance topics. From local businesses to global tech trends, Kyriacos keeps his finger on the pulse.

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For a comprehensive list of services and information, such as emergency contact numbers, major stock details, and upcoming events, visit the Cyprus Mail’s information desk section on their website.

Quick Recap

  • Government employment in Cyprus increased by 0.5% in October 2023, reaching a total of 53,554 employees.
  • The Education Service experienced a significant rise in temporary staff, with a 24.2% increase for the academic year 2023-2024.
  • Forbes Cyprus is organizing “The Future of Fintech Summit” in December 2023, which will feature notable industry figures.
  • The Cyprus Stock Exchange faced losses, with the general index down by 0.44%.
  • Residents were alerted to heavy rainfall in Cyprus.

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