While SAAs aim to mitigate the complexity of cross-border social security, some issues and challenges still require attention to maximise the benefits of these bilateral agreements. Since different SSAs have different concepts and requirements, the conditions of each SSA need to be closely examined in order to derive the greatest possible benefit. Until 2008, foreigners who were employed in India were not covered by the provident Fund (PF) rules, as PF contributions were not mandatory if workers` wages exceeded the salary cap. On the contrary, Indian nationals who worked abroad had to contribute to each country`s social security system. However, these contributions have generally been lost due to limited membership abroad or non-compliance with the minimum contribution or residence period. The globalization of the economy and the development of international trade and the international economy have greatly increased the international movement of individuals across regions. The existence of different regimes in different countries often plays an important role in the free cross-border movement of workers or self-employed workers. India on Tuesday asked the United States to consider signing a totalization agreement to avoid double deductions from the incomes of workers working in other countries and to allow Indian workers in the United States to recover billions of dollars in social security bonds. Click here to read that Mint ePaperMint is now on Telegram. Join the mint channel in your telegram and stay up to date with the latest business news.
“I told (US) President (Donald) Trump that the contribution of our social security professionals should continue to be discussed as part of a totalization agreement. It will be of mutual interest to both of us,” Narendra Modi told reporters in New Delhi with Trump. SSA is a bilateral agreement between India and another country to protect the interests of cross-border workers. The agreement provides for the prevention of “double coverage” and guarantees equal treatment of workers from both countries from the point of view of social security. As for H-1B visas, Shringla said Indian authorities raised the issue during the dialogue with their U.S. counterparts on Tuesday and stressed that Indian professionals contribute greatly to the high-tech sector in the United States. . .