India and Australia further strengthen ties; citizens benefitted

January 12, 2016

India and Australia have made the social security agreement Live which will enable citizens of both the countries to avail retirement benefits in each other’s nations. The agreement which came into full force on 1 January 2016 is expected to boost bilateral business linkages between India & Australia; further strengthening commercial ties between these nations.

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The idea behind making this pact was to ensure that Australians who live and work outside Australia will not be disadvantaged from certain benefits like retirement. This agreement is considered as a win-win situation for both nations as Indian residents living in Australia will have access to Indian retirement pensions while Australians living in India will be able to claim Australian Age Pension. In either of the cases, the citizens need not return to their home country to avail these benefits.

Australia’s government considers this pact as an important step to strengthen Australia’s relationship with India. This move is a commitment which Australian government has shown towards 397,000 skilled Indians living in Australia, who contribute largely towards the growth of Australian economy.

With this move, Indians aspiring to settle in Australia have 1 more substantial reason to consider this country for immigration as they can leave their worries of letting go off retirement benefits as they would have earned in India; now same can be availed even from Australia.

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