India-Australia Social Security Agreement comes into operation
India-Australia social security Agreement signed between both countries came into operation.
This agreement will enable people of both nations to avail retirement benefits in each other’s country and will boost bilateral business linkages.
Key facts
- The social security Agreement will give people more freedom to move between India and Australia as their pension rights are recognised and protected.
- Under the ambit of it, Australian residing in India will be able to claim the Australian Age Pension without having to return to Australia. While, Indian residents living in Australia will have access to Indian retirement pensions
- It will strengthen India-Australia relationship as 397,000 Indian-born people living in Australia and making substantial contribution.
Background
- The Social Security Agreement was signed in November 2014 during Prime Minister Narendra Modi’s official visit to Australia and came into operation on January 1, 2016.
- So far, Australia has inked around 30 international social security agreements with other countries to support people living and working in more than one country.
- Some of the countries are Austria, Belgium, Canada, Japan, South Korea, Spain, Switzerland and the US.
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Month: Current Affairs - January, 2016