India, Austria sign social security agreement

Last Updated: Tue, Feb 05, 2013 11:50 hrs

New Delhi, Feb 5 (IANS) India has signed a social security agreement with Austria to encourage movement of people and enhance business and trade engagements.

Minister of Overseas Indian Affairs Vayalar Ravi and Austrian minister for labour, social security and consumer protection Rudolf Hundstorfer signed the agreement in Vienna Monday.

The agreement will encourage Indian workers to take employment in Austria and enhance social security cover for the people already working there, Indian government officials said here Tuesday.

Currently there are nearly 17,000 Indians in Austria, most of them professionals and self-employed.

"This bilateral social security agreement will enhance trade and investment between the two countries," said an official statement.

The agreement will benefit Indian professionals as well as self-employed persons in Austria.

As per the terms of the agreement, the workers on short-term contracts of up to five years won't be required to pay for social security in Austria if they continue to pay in India.

If any Indian worker is paying for social security programmes in Austria, the benefits can be transferred on his/her relocation to home country.

India has signed similar agreements with several other countries, including Belgium, Germany, France, Switzerland, the Netherlands, Finland, South Korea, Sweden, Japan and Norway.

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