INDIA and Republic of Korea have
signed Social Security Agreement (SSA) in Seoul on Tuesday. The SSA would
enhance movement of professionals between the two countries and strengthen the
trade and investment. The Agreement provides, on a reciprocal basis, for the
following benefits to Indian nationals working in the Republic of
Korea:
a) For short term contract up to five years no social security
contribution would need to be paid under the Korean law by the detached workers
provided they continue to make social security payment in India.
b) The above benefits shall be available even when the Indian company
sends its employees to the Republic of Korea from a third country.
c) Indian workers shall be entitled to the export of the social security
benefit if they relocate to India or a third country after the completion of
their service in the Republic of Korea.
d) The self-employed Indians in the Republic of Korea would also be
entitled to export of social security benefit on their relocation to India, or a
third country.
e) In case of Independent Professionals, provisions of paragraph 3 of
Article 8.3 of the Comprehensive Economic Partnership Agreement (CEPA) signed
between India and Republic of Korea shall apply and in case of any other
category of workers, the SSA shall apply.
f) The scope of bilateral cooperation in social security under SSA and
under paragraph 3 of Article 8.3 of CEPA covers only the old age, survivors and
disability pension under the legislations and regulations of both countries.
g) The period of contribution in one contracting state will be added to
the period of contribution in the second contracting state for determining the
eligibility for social security benefits in order to avoid loss of
contributions.
A
number of professionals and self-employed Indians are working in the Republic of
Korea. There is a huge potential for employment of Indian professionals and
workers. India is likely to become a major source of migrant professionals due
to its vast reservoir of technically qualified manpower in sectors like
Information Technology, Engineering, Health, Finance and Management.
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