OTTAWA, July 29, 2015 /CNW/ - The Honourable Pierre Poilievre, Minister of Employment and Social Development, has announced that the Agreement on Social Security between Canada and the Republic of India comes into force August 1, 2015.
This Agreement will enable Canada and India to coordinate pension benefits and contributions for people who have lived or worked in both countries. The Agreement will coordinate the operation of Canada's Old Age Security and Canada Pension Plan programs with certain comparable pension programs of India.
This Agreement also facilitates increased commercial and economic co-operation between the two countries.
This new agreement will benefit Canada and India by:
- helping eligible individuals with periods of coverage under the Employees' Pension Scheme of India and under Canada's Old Age Security or Canada Pension Plan programs to qualify for old age, disability and survivor benefits based on their affiliation with each country's pension system;
- permitting Canadian companies and their employees sent to work temporarily in India to continue to contribute to the Canada Pension Plan and to be exempt from contributing to certain comparable pension programs in India for the same work; and
- allowing Indian companies and their employees sent to work temporarily in Canada to benefit from the same advantages. This will result in substantial savings and increase the economic competitiveness of Canadian and Indian companies operating in each other's territory.
"Our Government is committed to ensuring the retirement security of Canadians whether they have lived or worked in Canada or abroad. This Agreement demonstrates the continued spirit of partnership and collaboration between our two countries and recognizes the valuable contribution of Indo-Canadians in making Canada stronger."
– The Honourable Pierre Poilievre, Minister of Employment and Social Development
The Agreement on Social Security will enable Canada and India to coordinate the operation of Canada's Old Age Security and Canada Pension Plan programs with the comparable pension programs of India.
This Agreement was signed in In November 2012, during Prime Minister Stephen Harper's state visit to India. His Excellency Shri Narendra Modi, Prime Minister of India, made an official visit to Canada in April 2015 when the entry into force of the Agreement was announced.
Canada has signed 59 international social security agreements, of which 57 are in force, with the following countries:
Antigua and Barbuda
St. Kitts and Nevis
Saint Vincent and the Grenadines
Trinidad and Tobago
Agreements have also been signed with Peru and China but are not yet in force. They will enter into force once Canada and each of these countries have completed their respective legal processes.
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SOURCE Employment and Social Development Canada
PDF available at: http://stream1.newswire.ca/media/2015/07/30/20150730_C8975_PDF_EN_465857.pdf
For further information: Aaron Bell, Press Secretary, Office of the Minister of Employment and Social Development, 819-994-2482; Media Relations Office, Employment and Social Development Canada, 819-994-5559, firstname.lastname@example.org