INDIA has
signed the 11th Social Security Agreement with Norway last Friday. On this
occasion, the Minister for Overseas Indian Affairs, Mr Vayalar Ravi, said that the
Agreement will enhance the cooperation on social security and facilitate the
movement of professionals between the two countries. He further said that the
detached workers sent by Norway-based companies to their Indian subsidiaries, or
those sent by Indian companies to their branches in Norway will be exempt from
social security contribution in the host country for a period of 60 months.
While working abroad, these employees will only be subject to the social
security regulations of their home country. It will boost bilateral trade and
investment especially in telecom, oil and information technology
sectors.
The
Minister said that the Social Security Agreement provides that an employed or
self-employed person, other than detached workers shall be subject only to the
legislation of the host country. It also provides for portability of the
benefits at the time of relocation. It also makes provision for payment of
benefits under the legislation of one Contracting State to the nationals of
other Contracting State, residing or staying in the territory of a third State,
on the same conditions and to the same extent as to nationals of the first
Contracting State who reside or stay in the territory of a third State, the
Minister added.
Mr.
Trond Giske, Norwegian Minister of Trade and Industry said that this significant
agreement will further strengthen the bilateral relations and it will play an
important role to ease the professionals’ mobility between the two countries.
There
are about 13,000 Indians in Norway and around 140 Norwegian nationals working in
India. The Administrative Arrangement of the Social Security Arrangement was
also signed during the occasion by the officials of both the countries. The
agreement will come into effect after the fulfillment of the national
requirements. India has signed similar agreements with Belgium, Germany, France,
Switzerland, Netherlands, Luxembourg, Hungary, Denmark, Czech Republic and the
Republic of Korea.
|
