India-Australia Social Security Pact To Benefit Citizens Of Both The Nations
12 Jan 2016
A social security pact signed between India and Australia is active, with effect from January 1, 2016. This pact enables people of both the countries to benefit out of the retirement benefits to the citizens residing in each other’s country. This pact is likely to improve the bilateral ties with both the countries.
This agreement was signed in the year 2014 and it is effective from January 1, 2016. This pact will respect the rights of beneficiaries under pension programs and gives more freedom to the movement of people between both the Countries.
Australian Minister for Social Services, Christian Porter, has said that Australian citizens living in India can claim the benefits without moving to India. This applies to Indians too, it is a win-win, he said.
This agreement would save Rs. 66 Crores annually to the businesses operating in India. The Australian Government had similar pacts with over thirty countries. This kind of agreements will allow maximum movement between the countries and will allow people to remain intact with the parent country.
