Latest news with #CertificateofCoverage
Time of India
14 hours ago
- Business
- Time of India
India pushes for social security pacts in all FTAs
India might soon enter into a social security agreement (SSA) with the US as the two nations are intensely engaging to seal a bilateral trade agreement. Going forward, such agreements could become an integral part of all free trade agreements (FTAs), including those currently under negotiation, top sources in the Ministry of Labour and Employment confirmed on Wednesday. Sources familiar with the deliberations said that the issue was already discussed in a recent meeting between Labour and Employment Minister Mansukh Mandaviya and Commerce and Industry Minister Piyush Goyal. "It has also been taken up with the US, but it is not clear as of now if the US will accept India's demand," one of the sources said. An SSA is a reciprocal arrangement between two or more countries under which an employee on a foreign assignment is not required to contribute to the host country's social security fund but still receives the full benefit of their employment period for pension calculation. Additionally, employers are saved from making double social security contributions on behalf of their workers. However, such Indian workers abroad are required to obtain a Certificate of Coverage (CoC) from the Employees' Provident Fund Organisation (EPFO), which helps them avoid paying social security contributions in the countries where they are posted. The EPFO has been authorised to issue the Certificate of Coverage to employees posted in nations that have signed an agreement with India. India currently has social security agreements with over 20 countries, including Germany, France, Canada, Japan, Belgium, Switzerland, Denmark, and Australia. The recently concluded India-UK free trade agreement also includes a double contribution convention that provides a three-year exemption from social security contributions for Indian professionals temporarily working in the UK. "This will be of great help to Indians working temporarily in the UK, and the plan is to now include such a social security agreement in negotiations for all FTAs," the source added. India is currently negotiating free trade agreements with many countries, including the European Union. Furthermore, the country has emerged as a major source of skilled manpower, especially in IT and IT-enabled services, and such an agreement could significantly benefit Indian professionals working abroad. The move has been triggered by a substantial increase in India's social security coverage over the last 10 years, with the country approaching developed nations' levels, thus gaining enough confidence to negotiate on SSAs even with major economies.
The Print
16 hours ago
- Business
- The Print
India may soon have social security agreement with UK under free trade pact
'UK is believed to have agreed on the social security component under the FTA negotiations, which would be ratified in the near future,' the source said. The source said that from now onwards, the social security agreement (SSA) will be an in-built component of all free trade agreements to be negotiated in future. New Delhi, Jul 2 (PTI) India may soon have a social security pact with the UK as an in-built component of the free trade agreement (FTA) which has been finalised between the two countries, a source said on Wednesday. The SSA, a reciprocal arrangement between two or more countries, ensures that an employee while on a foreign assignment does not have to contribute to the social security coverage fund in that country but get the full benefit of employment period for pension calculation, while the employers are saved from making double social security contributions on behalf of their workers. The Indian employees posted abroad or on foreign assignment are required to obtain a certificate of coverage (CoC) from retirement fund body EPFO, which helps them avoid paying social security contribution in countries where they are posted. The Employees Provident Fund Organisation (EPFO) has been authorised to issue the Certificate of Coverage to employees posted in nations that have signed an agreement with India. Union Labour Minister Mansukh Mandaviya told reporters here that he has requested the commerce ministry to include the SSA in all FTA negotiations in future. He said, 'We are doing so to promote social security for all.' At present, India has SSAs with 22 countries including Canada, Japan, Australia, Germany, Sweden and Brazil. The citizen of all 22 nations with which India has inked SSAs get the same benefit if they are posted in India. PTI KKS HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
19 hours ago
- Business
- Time of India
India may soon have social security agreement with UK under free trade pact
India may soon have a social security pact with the UK as an in-built component of the free trade agreement (FTA) which has been finalised between the two countries, a source said on Wednesday. The source said that from now onwards, the social security agreement (SSA) will be an in-built component of all free trade agreements to be negotiated in future. "UK is believed to have agreed on the social security component under the FTA negotiations, which would be ratified in the near future," the source said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tamil Nadu Mosquito-Free Nights: Residents Share Unexpected Secret Mosquito Eliminator Read More Undo The SSA, a reciprocal arrangement between two or more countries, ensures that an employee while on a foreign assignment does not have to contribute to the social security coverage fund in that country but get the full benefit of employment period for pension calculation, while the employers are saved from making double social security contributions on behalf of their workers. The Indian employees posted abroad or on foreign assignment are required to obtain a certificate of coverage (CoC) from retirement fund body EPFO, which helps them avoid paying social security contribution in countries where they are posted. Live Events The Employees Provident Fund Organisation (EPFO) has been authorised to issue the Certificate of Coverage to employees posted in nations that have signed an agreement with India. Union Labour Minister Mansukh Mandaviya told reporters here that he has requested the commerce ministry to include the SSA in all FTA negotiations in future. He said, "We are doing so to promote social security for all." At present, India has SSAs with 22 countries including Canada, Japan, Australia, Germany, Sweden and Brazil. The citizen of all 22 nations with which India has inked SSAs get the same benefit if they are posted in India.
&w=3840&q=100)
Business Standard
20 hours ago
- Business
- Business Standard
India may soon have social security agreement with UK under free trade pact
India may soon have a social security pact with the UK as an in-built component of the free trade agreement (FTA) which has been finalised between the two countries, a source said on Wednesday. The source said that from now onwards, the social security agreement (SSA) will be an in-built component of all free trade agreements to be negotiated in future. "UK is believed to have agreed on the social security component under the FTA negotiations, which would be ratified in the near future," the source said. The SSA, a reciprocal arrangement between two or more countries, ensures that an employee while on a foreign assignment does not have to contribute to the social security coverage fund in that country but get the full benefit of employment period for pension calculation, while the employers are saved from making double social security contributions on behalf of their workers. The Indian employees posted abroad or on foreign assignment are required to obtain a certificate of coverage (CoC) from retirement fund body EPFO, which helps them avoid paying social security contribution in countries where they are posted. The Employees Provident Fund Organisation (EPFO) has been authorised to issue the Certificate of Coverage to employees posted in nations that have signed an agreement with India. Union Labour Minister Mansukh Mandaviya told reporters here that he has requested the commerce ministry to include the SSA in all FTA negotiations in future. He said, "We are doing so to promote social security for all." At present, India has SSAs with 22 countries including Canada, Japan, Australia, Germany, Sweden and Brazil. The citizen of all 22 nations with which India has inked SSAs get the same benefit if they are posted in India. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
