India, Argentina sign Social Security Agreement
The agreement was signed by India's Ambassador to Argentina Dinesh Bhatia and Argentina's Minister of Foreign Affairs, International Trade and Worship Santiago Cafiero in the presence of Argentine Minister of Labour, Employment and Social Security Raquel Kismer de Olmos.
India and Argentina on Friday signed a Social Security Agreement (SSA). The agreement was signed by India's Ambassador to Argentina Dinesh Bhatia and Argentina's Minister of Foreign Affairs, International Trade and Worship Santiago Cafiero in the presence of Argentine Minister of Labour, Employment and Social Security Raquel Kismer de Olmos.
The SSA applies to legislation in India concerning old age, survivor's pension and permanent, total disability pension for employed persons as well as to legislation in Argentina concerning contributory benefits of the Social Security System, as per a release issued by the Indian Embassy in Argentina.
The agreement provides detached workers, i.e., employees working in another country on a temporary basis, and their family members with rights to contributory benefits such as cash allowance for retirement or pension, rent, subsidy or lump sum payments as per local legislation without being subject to any reduction, modification, suspension, suppression or retention.
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It establishes the legal framework regulating insurance period i.e., period of services credited with contributions, contributory benefits and export thereof, in respect of detached workers, including crew members of airlines and ships.
The economic and commercial ties between India and Argentina have grown exponentially in recent years.
Several Indian companies, including TCS, Infosys, Crisil, Bajaj Motorcycles, Royal Enfield, Hero Motors, TVS, Glenmark, and Godrej have investments in Argentina exceeding USD 1 billion.
Argentine companies including Globant and Techint also have large operations in India. The number of Indian professionals working in Argentina for Indian as well as multinational companies under intra-company transfers for the short or long term is steadily rising.
There is also a growing number of Argentine nationals who are seeking employment in India. These growing people-to-people exchanges have necessitated a legal framework to protect their rights, especially those related to social security contributions, as per the official release.
The Indian Embassy in Argentina said the Social Security Agreement has been signed after detailed yet speedy negotiations, particularly expedited in 2022.
The agreement would protect the rights of professionals and workers against loss of benefits or contributions made towards social security in both countries and thus facilitate greater movement of professionals and the labour force. This is yet another step forward in building a Strategic Partnership between the two countries which share deep traditional bonds of friendship, as per the release.