Great news for Indian pensioners

 

 

 

 

 

 

The Australian Government will finalise a new social security agreement with India this year to make retirement easier for residents of both countries.

Announcing the agreement today, Minister for Social Services Kevin Andrews and Minister for Foreign Affairs Julie Bishop said residents of both India and Australia would now have greater access to pensions from both countries.

“The Australian Government understands the reality that many people live and work in more than one country and the need to safeguard their retirement income,” Mr Andrews said.

“The agreement will give former Australian residents in India the ability to claim the Australian Age Pension without having to return to Australia and will allow former Indian residents in Australia access to Indian retirement pensions.

“And it will support businesses operating in Australia and India by removing the requirement for compulsory contributions to be paid into both countries’ superannuation and pension insurance systems for temporarily seconded workers.

“This will not only reduce costs for business but facilitate improved economic links between our two countries.

“This new agreement will give people more freedom to move between Australia and India, knowing that their pension rights will be recognised and protected.”

Minister Bishop said the  finalisation  of the agreement demonstrated the value the Australian Government placed on its relationship with India.

“The bilateral relationship between our two countries is a foreign policy priority due to our economic and strategic ties, shared history and strong people-to-people links,” she said.

“The new agreement delivers on our commitment to broadening, deepening and diversifying this key regional relationship.”

Australia already has social security agreements in place with 29 countries around the world.

The agreement with India is expected to come into effect in July 2015 following legislative and administrative processes in both countries.

Short URL: https://indiandownunder.com.au/?p=3504