India, Australia Ink Pact To Avoid Double Social Security Contribution

Posted on:21 Mar 2016 09:11:14

India, Australia Ink Pact To Avoid Double Social Security Contribution
21 March 2016 Current Affairs GK: India has entered into a social security agreement with Australia under which employees of India deputed to Australia and vice versa will not have to make double social security contribution.With this, Australia has become the 14th country with which India has a social security agreement in force. The others in the list include Korea, Finland, Sweden, Czech Republic, Hungry, Germany, France, Belgium, Netherlands, Luxembourg, Denmark, Norway and Switzerland.The agreement, marking another big step to enhance ease of doing business, was notified by the Employees' Provident Fund Organisation in January and will be in effect from January 1, 2016.The agreement provides inter-alia for posting i.e detachment up to a period of 60 months for employees of both the countries," EPFO said in an order dated March 16.As per the order, the employees of one country deputed by their employers to the other country on short-term assignment for a pre-determined period of up to 60 months need not remit social security contribution in that country.Thus the employers are saved from making double social security contributions for the same set of employees thereby enhancing competitiveness of their products and servicesEPFO has been identified as the agency to implement the provisions of the agreement in India and has been authorised to issue 'certificate of coverage' to the employees of Indian establishments posted to Australia.The employers who have already deputed or intend to depute their employees to Australia can avail themselves of this facility.

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