India and Norway Sign Social Security Agreement

Published on October 30, 2010 by INVC   ·   1 Comment  Print This Post

INVC,,

Delhi,,

India and Norway signed a Social Security Agreement here today. The Agreement was signed by the Minister for Overseas Indian Affairs, Shri Vayalar Ravi and Mr. Trond Giske, Minister of Trade and Industry of Norway. Addressing on the occasion, Shri Ravi said that the Agreement will enhance the cooperation on social security and facilitate the movement of professionals between the two countries. He further said that the detached workers sent by Norway-based companies to their Indian subsidiaries, or those sent by Indian companies to their branches in Norway will be exempt from social security contribution in the host country for a period of 60 months. While working abroad, these employees will only be subject to the social security regulations of their home country. It will boost bilateral trade and investment especially in telecom, oil and information technology sectors.

The Minister said that as per the Social Security Agreement provides that an employed or self-employed person, other than detached workers shall be subject only to the legislation of the host country. It also provides for portability of the benefits at the time of relocation. It also makes provision for payment of benefits under the legislation of one Contracting State to the nationals of other Contracting State, residing or staying in the territory of a third State, on the same conditions and to the same extent as to nationals of the first Contracting State who reside or stay in the territory of a third State, the Minister added.

Mr. Trond Giske, Norwegian Minister of Trade and Industry said that this significant agreement will further strengthen the bilateral relations and it will play an important role to ease the professionals’ mobility between the two countries. Dr. A Didar Singh, Secretary of the Ministry of Overseas Indian Affairs was also present on the occasion.

There are about 13,000 Indians in Norway and around 140 Norwegian nationals working in India. The Administrative Arrangement of the Social Security Arrangement was also signed during the occasion by the officials of both the countries. The agreement will come into effect after the fulfillment of the national requirements. India has signed similar agreements with Belgium, Germany, France, Switzerland, Netherlands, Luxembourg, Hungary, Denmark, Czech Republic and the Republic of Korea.

Tags:  business, economy, india, Industry of Norway, invc, Minister of Trade, norway, Vayalar Ravi and Mr. Trond Giske