New Delhi June 22 (IANS) Theb a bilateral Social Security Agreement (SSA) with Netherlands by incorporating the country of residence principle in the said agreement.
The amended SSA between India and the Netherlands when operational from the third month from the date of notifying the said amendment to the Netherlands by India will strengthen bilateral ties and continue to favourably impact profitability and competitive position of Indian and Dutch companies with foreign operations in either country by reducing their cost of doing business abroad an official statement issued here said.
The SSA which has been in successful operation since June 2010 and has benefitted Indian expatriates in Netherlands will also help promote more investment flows between the two countries it added.
Under the new Social Security (Country of Residence) Act the amount of benefit or allowance paid to a qualified beneficiary (read as Dutch national) is adjusted to the cost of living of the country where the beneficiary is currently residing.
India has signed and operationalised SSAs with 18 countries - Australia Austria Belgium Canada Czech Republic Denmark Finland France Germany Hungary Japan Luxembourg Netherlands Norway Portugal Sweden Switzerland and South Korea.
--IANS
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Cabinet approves changes in bilateral agreement with Netherlands
