Indian Minister of Overseas Indian Affairs H.E. Vayalar Ravi and Austrian Minister for Labour, Social Security and Consumer Protection Rudolf Hundstorfer on Monday signed the Social Security Agreement between India and Austria.
The Social Security Agreement between India and Austria will enhance cooperation on social security between the two countries.
The Social Security Agreement will provide a number of benefits to Indian nationals working in Austria.
For short term contract up to 5 years, no social security contribution would need to be paid under the Austrian law by the detached workers provided they continue to make social security payment in India.
The benefits shall be available even when the Indian company sends its employees to Austria from a third country.
Indian workers shall be entitled to bring back the social security benefit if they relocate to India after the completion of their service in Austria.
The self-employed Indians in Austria would also be entitled to bring back social security benefit on their relocation to India.
The period of contribution in one contracting state will be added to the period of contribution in the second contracting state for determining the eligibility for social security benefits.
There are about 17,000 Indians in Austria most of whom are working as professionals and self-employed.
However, there is potential for Indian workers take employment in Austria.
As such, a bilateral Social Security Agreement with Austria is a significant requirement from the futuristic point of view to take advantage of the emerging employment opportunities and to strengthen the trade and investment between the two countries.
This bilateral Social Security Agreement is expected to enhance trade and investment between the two countries.