India and Japan have signed a Social Security Agreement (SSA) that will come into force on 1st October 2016. The Ministry of External Affairs (Investment, Technology Promotion and Energy Security Division), the competent authority for negotiating and concluding SSAs along with the Employee’s Provident Fund Organization (EPFO) has completed the formalities for the Agreement to enter into force. The SSA will benefit Indian and Japanese professionals and skilled workers working in each other’s country and will also boost bilateral business linkages.
The SSA will help avoid double social security contributions. The exemption will be provided to Indian worker, only if he is covered under the social security system of India and continues to pay his contribution during period of overseas contract. It will favorably impact the competitive position and profitability of Indian and Japanese companies with foreign operations in either country by reducing their cost of doing business abroad. Till now, India has signed similar comprehensive social security agreements with 15 countries.
So let’s discuss some questions related to this post:
1. Name the country with which India has signed Social Security Agreement?
2. The Social Security Agreement (SSA) will come into force from which date?