Saturday, December 9, 2023

India, Argentina sign Social Security Agreement

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A Social Security Agreement (SSA) was signed between India and Argentina. Dinesh Bhatia, Ambassador of India to Argentina, and Santiago Cafiero, minister of Argentina’s foreign affairs, international trade, and religion, signed the agreement in the presence of Raquel Kismer de Olmos, minister of Argentina’s labor, employment, and social security.

According to a press release from the Indian Embassy in Argentina, the Social Security Act (SSA) applies to laws in India pertaining to retirement benefits, survivor’s benefits, and permanent, total disabilities for workers, as well as to laws in Argentina pertaining to contributory benefits of the Social Security System.

The agreement ensures contributory benefits, such as cash allowance for retirement or pension, rent subsidies, or lump sum payments in accordance with local law, to detached workers, or employees working temporarily in another country, as well as to their family members, without being subject to any reduction, modification, suspension, suppression, or retention.
In relation to detached workers, including crew members of airlines and ships, it sets the legislative framework governing the insurance period, or the duration of services credited with contributions, contributory benefits, and export thereof.
India and Argentina’s economic and commercial links have increased dramatically in recent years.

Over $1 billion has been invested in Argentina by several Indian businesses, including TCS, Infosys, Crisil, Bajaj Motorcycles, Royal Enfield, Hero Motors, TVS, Glenmark, and Godrej.
Large operations in India are also run by Argentine firms like Globant and Techint. The number of Indian experts working in Argentina for domestic as well as international businesses through short- or long-term intra-company transfers is continuously increasing.

The Indian Embassy in Argentina said the Social Security Agreement has been signed after detailed yet speedy negotiations, particularly expedited in 2022.

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