India, Germany ratify 2011 Pact on Social Security Investment
Posted on:27 Feb 2017 09:19:37
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27 February 2017 Current Affairs: India and Germany have ratified a comprehensive Social Security Agreement (SSA) to improve investment flows between the two countries.
The agreement was signed in October 2011 and its instruments of ratification were exchanged in February 2017. It will come into force from May 1, 2017.
The SSA establishes the rights and obligations of nationals of both countries and provides for equal treatment and unrestricted payment of pensions even in case of residence in the other contracting state.
It also integrate the provisions of the 2008 social insurance pact and is expected to reduce the operational costs of companies on both countries active in either of the countries.
Under it, requirements to be entitled to pension can be met by aggregating periods of insurance completed in India and Germany, whereby each country only pays pension for insurance periods covered by its laws.
This comprehensive SSA will favorably impact the profitability and competitive position of Indian and German companies with foreign by reducing their cost of doing business abroad. It will also help promote more investment flows between the two countries.
India and Germany had earlier signed an Agreement on Social Insurance in October 2008. It exempted detached workers of the two countries from making social security contributions in either countries as long as they were making such contributions in their respective countries.
Later, both countries, negotiated for a wider encompassing SSA including totalisation of benefits and was signed in October 2011. So far, India has signed and operationalised similar agreements with 18 countries, including Australia, Canada, France, South Korea, Belgium and Japan
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