A Social Security Agreement (SSA) between Republic of India and Argentine Republic was signed today by Ambassador of India to Argentina, H.E. Mr Dinesh Bhatia and Minister of Foreign Affairs, International Trade and Worship of Argentina, H.E. Mr Santiago Cafiero in esteemed presence of Argentine Minister of Labour, Employment and Social Security, H.E. Ms. Raquel Kismer de Olmos.
2. The SSA applies to legislations in India concerning old age & survivor’s pension and permanent & total disability pension for employed persons as well as to legislations in Argentina concerning contributory benefits of the Social Security System. It provides detached workers, i.e., employees working in another country on temporary basis, and their family members with rights to contributory benefits such as cash allowance for retirement or pension, rent, subsidy or lump sum payments as per local legislations without being subject to any reduction, modification, suspension, suppression or retention.
3. The SSA establishes the legal framework regulating insurance period i.e., period of services credited with contributions, contributory benefits and export thereof, in respect of detached workers, including crew members of airlines and ships.
4. It may be mentioned here that the economic and commercial ties between India and Argentina have grown exponentially in recent years. Several Indian companies, including TCS, Infosys, Crisil, Bajaj Motorcycles, Royal Enfield, Hero Motors, TVS, Glenmark and Godrej have investments in Argentina exceeding USD 1 billion. On the other hand, Argentine companies including Globant and Techint have large operations in India. The number of Indian professionals working in Argentina for Indian as well as multinational companies under intracompany transfers for short or long-term, is steadily rising. There are also growing number of Argentine nationals who are seeking employment in India. These growing people-to-people exchanges have necessitated a legal framework to protect their rights, especially those related to social security contributions.
5. The Social Security Agreement signed today after detailed yet speedy negotiations, particularly expedited in the last year, would protect rights of professionals and workers against loss of benefits or contributions made towards social security in both countries and thus facilitate greater movement of professionals and labour force. This is yet another step forward in building Strategic Partnership between the two friendly and democratic countries which share deep traditional bonds of friendship.
Buenos Aires
29 September 2023
