North India Statesman
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If you work in an Indian company and you are sent to work abroad for three years or less, then there is good news for you! Now your social security money will be deposited in your Provident Fund (PF) account in India. This has been possible because the Government of India is making special agreements with other countries. So far, such agreements have been reached with 22 countries and Indian employees have started getting its benefits.
What was the old system?
Earlier, in countries with whom India did not have any agreement, a certain amount was deducted from the salary of Indian employees in the name of pension and gratuity every month. Employees did not benefit from this money. Not only this, when the employees returned to India, this money was not returned from his salary. But now this situation has changed.
What is a new system?
Now the Government of India has entered into agreements with 22 countries, so that companies will not have to deposit social security money abroad. This amount will be deposited directly in the PF account of employees in India. This will give the employees full benefit of their money. Apart from this, such an agreement has also been agreed between India and Britain, which is part of the free trade deal. The issue has also been raised in the trade agreement with the US.
Government’s future plan
Labor Minister Mansukh Mandavia said that whenever India signs a trade agreement with a country, it also includes the issue of social security. The Government of India is preparing to compromise with all the countries where Indian employees work or will work in future.
What will be the benefit?
With this new system, Indian employees will get direct benefit in the form of money deducted from their salary. The amount deposited in his PF account will provide financial security in the future. Also, this will also relieve companies from the complex process of payment of social security contribution abroad.
This new rule is beneficial for both Indian employees and companies. This move of the government will provide financial security to Indians working abroad and will reduce concern about their future. These efforts of the Government of India will play an important role in protecting the interests of Indian employees globally.
