India Canada Pension Agreement
India and Canada have signed a social security agreement, known as the India Canada Pension Agreement, which aims to benefit residents of both countries. The agreement allows individuals who have lived and worked in both India and Canada to receive pension benefits from both countries.
The agreement makes it easier for individuals who have moved between India and Canada to receive their pension benefits without facing any difficulties or delays. The agreement also provides for the payment of benefits to survivors and dependents in the event of the contributor’s death.
Under the agreement, Indian workers employed in Canada will be able to receive the Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, and Canadians who have worked in India will be eligible for the Indian pension scheme benefits.
This is a significant milestone in the relationship between the two countries. The agreement will promote the circulation of skilled workers and professionals, as well as facilitate the transfer of technology and knowledge between India and Canada.
The agreement will also help with the retirement planning of those who have worked in both countries, as it provides greater clarity and transparency on pension benefits and their eligibility. It thus helps enhance social protection for workers who have contributed to the economies of both India and Canada.
The India Canada Pension Agreement is the latest in a series of social security agreements signed by India with countries such as Germany, France, Belgium, Switzerland, and South Korea. Such agreements allow for the coordination of social security benefits between countries and help ensure that workers are not disadvantaged when they move between them.
In conclusion, the India Canada Pension Agreement is a positive step for both countries, as it will provide greater protection for workers and their dependents and help facilitate the movement of skilled workers between India and Canada. This agreement solidifies the bond between the two countries and helps ensure the welfare of their citizens.