Social Security Agreement signed between India and Australia

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This is a follow up to our previous EY Flash news dated 18 November 2014 on the Social Security Agreement signed between India and Australia.

 

India has now signed Social Security Agreements with 18 countries. However, only 12 of these Agreements have entered into force. Agreements between India and the following countries are now active: Belgium, Germany, Switzerland, Denmark, Luxembourg, France, South Korea, The Netherlands, Hungary, Sweden, Finland and Czech Republic.

 

Agreements between India and the following countries are signed but not yet active: Japan, Canada, Norway, Austria, Portugal and Australia.

 

Employers who have assigned employees between India and Australia should review how the Agreement will affect future liabilities and employment costs. Assignment models or structures will need to be reviewed to maximize the benefits under the Agreement. Employers should also review their assignee population to determine who may need a Certificate of Coverage, once the Agreement has entered into force.