GATINEAU, QC, April 23, 2013 /CNW/ - Today, the Honourable Diane Finley, Minister of Human Resources and Skills Development, tabled in the House of Commons the Social Security Agreement between Canada and India, which will coordinate pension benefits between both countries.
"Our government is committed to ensuring retirement security for Canadians, whether here or abroad," said Minister Finley. "This agreement will reduce the pension contribution costs for Canadian companies sending employees to India and ensure that those same Canadian employees receive the pension benefits they are entitled to for time spent working abroad."
Once in force, this agreement will also make it easier for people who have lived and worked in both India and Canada to qualify for public pension benefits from either, or both, countries. Periods of coverage under the Employees' Pension Scheme of India may help towards eligibility for Canadian benefits and vice versa.
Canada has signed 57 social security agreements; 53 are currently in
force. The Social Security Agreement between Canada and India is
expected to enter into force in 2014, once both countries have
completed their legislative procedures.
Canada has signed 57 international social security agreements. Agreements are in force with the following 53 countries:
Antigua and Barbuda
St. Kitts and Nevis
Saint Vincent and the Grenadines
Trinidad and Tobago
In addition to India, agreements have been signed with Brazil, Bulgaria and Serbia, but are not yet in force.
SOURCE Human Resources and Skills Development Canada