Social security agreement helps people who have lived or worked in Canada and Serbia

OTTAWA, April 12, 2013 /CNW/ - Roman Waschuk, Ambassador of Canada to the Republic of Serbia, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development, signed a social security agreement between Canada and the Republic of Serbia. The Agreement was also signed by Jovan Krkobabić, Serbian Deputy Prime Minister and Minister of Labour, Employment and Social Policy.

"Our government is committed to ensuring the retirement security of Canadians whether here or abroad, and I am pleased that we are announcing coordinated benefits to both Canadians and Serbians," said Minister Finley. "This Agreement represents yet another step forward in strengthening the relationship and cooperation between our two countries."

The Social Security Agreement allows for pension benefits to be coordinated between both countries and will continue to make it easier for people who have lived and worked in Canada or Serbia to qualify for benefits from either or both countries.

The Agreement between Canada and Serbia will enter into force once both countries have completed the approval procedures specified in their respective legislation. Upon the signing of this Agreement with Serbia, Canada will have concluded 57 international social security agreements, 53 of which are in force.

backgrounder

The Social Security Agreement will enable Canada to coordinate the operation of its Old Age Security and Canada Pension Plan programs with the comparable pension programs of Serbia. The Agreement will benefit Canada by:

• helping eligible individuals qualify for old age, disability and survivor benefits;
• enabling employees from Canada who are sent to work temporarily in Serbia to continue to contribute to the Canada Pension Plan and be exempt from contributing to Serbia's pension system; and
• exempting Canadian businesses from paying Serbian pension plan contributions for their employees sent to work temporarily in Serbia, thus resulting in savings.

The Agreement between Canada and Serbia will enter into force after both countries have completed their respective legal procedures.

Canada has signed 57 international social security agreements, of which 53 are in force, with the following countries:

Agreements have also been signed with Bulgaria, Brazil and India but are not yet in force. They will enter into force once Canada and each of these countries have completed their respective legal processes.

SOURCE: Human Resources and Skills Development Canada