The Government has so far concluded the Social Security Agreements with Belgium, France, Germany (social insurance for posted workers only), Switzerland, Luxembourg and Denmark. And with many other countries process of agreement is underway.
The bilateral Social Security Agreements protect the interests of Indian professionals by providing following benefits:
· Exemption from social security contribution for the posted (detached) workers (provided the worker is covered under the Indian social security system and continues to pay his contribution to the Indian system during the period of contract).
· Exportability of benefits in case of relocation to India or any other country after having made social security contribution.
· Totalization of the periods of contribution pertaining to both countries for the purpose of assessing eligibility for benefit/pension under the legislation of each country.
The Social Security Agreements provides for pension and insurance benefits to Indian workers working abroad in the countries with whom India has entered into an SSA. As on 01.08.2011, 4982 Indians have been beneficiaries of the provision of detachment under an SSA, whereby they are required to be mandatorily provided insurance and pension coverage in India so as to be exempt from foreign social security contributions. Benefits are payable on fulfilling of the eligibility criteria for the respective benefits.
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