Technical and vocational training (TVET) addresses multiple demands of an economic, social and environmental nature by helping young people and adults to develop the
skills they need for employment, decent work, and
entrepreneurship, promoting equitable, inclusive and
sustainable economic growth, and supporting transitions to green economies and
environmental sustainability. The Human Resource Development Authority of Cyprus (HRDA) is the body in charge of managing training funds in Cyprus. The system relies on contributions paid by all employees, with the exception of the self-employed and government workers. By law the Human Resource Development Levy rate cannot exceed 1% of the emoluments paid to each employee. In practice, the levy rate is 0.5% of payroll, with a monthly cap of €4,533 (Regulation 509/2012). The HRDA issues grants to employers for approved training as well as allowances to trainees and financial assistance for obtaining training equipment. The HRDA subsidizes 80% of the cost of training, rising to 100% for ‘high-priority multi-company training programmes’. ==See also==