Australia and India have signed a social security agreement that aims to benefit residents of both countries by removing barriers to the movement of workers and providing for equal treatment and social security coverage.
The agreement, signed in November 2018, is expected to have a significant impact on the migration of skilled workers between the two countries. It will also simplify the social security coverage for individuals who are required to move between Australia and India for work or other reasons.
The social security agreement between Australia and India covers retirement, disability, and survivor benefits, as well as medical treatment and sickness benefits. Under the agreement, residents will be able to access social security benefits in their country of residence, even if they have lived or worked in another country.
The agreement also sets out rules for the coordination of social security coverage for individuals who move between the two countries. This means that individuals will not be required to pay social security contributions in both countries, and contributions made in one country will be taken into account when calculating entitlements in the other country.
Another important aspect of the agreement is the portability of pensions. This means that individuals who have contributed to a pension scheme in one country will be able to transfer their benefits to the other country, thereby avoiding the risk of losing their entitlements.
The social security agreement is expected to benefit a range of individuals, including employees, self-employed workers, and their families. It will also benefit companies that operate in both countries by providing greater certainty and simplicity in relation to the social security coverage of their employees.
The agreement is yet to be ratified by both countries, but once in place, it will provide significant benefits to residents of both Australia and India. It is expected that the agreement will facilitate greater economic growth and stronger ties between the two countries.
In conclusion, the social security agreement between Australia and India is an important development that will simplify and improve social security coverage for residents of both countries. It will remove barriers to the movement of workers and facilitate greater economic growth and stronger ties between Australia and India.