New Delhi: India and South Korea on Tuesday
signed a social security pact that will relieve their workers
from double taxation and provide for cooperation in areas of
labour market expansion and orderly migration.
The agreement was signed by Overseas Indian Affairs
Minister Vayalar Ravi and South Korea`s Minister for Trade Kim
Jong-hoon in Seoul.
The pact would enhance movement of professionals
between the two countries as it will protect the workers from
double payment of social security contributions, officials
They said migrant workers sent by South Korea-based
companies to their Indian subsidiaries, or those sent by
Indian companies to their subsidiaries in South Korea will be
exempted from social security contribution.
As per the agreement, Indian professionals, going to
South Korea on short term contract up to five years, will not
require to make any social security contribution provided they
continue to the payment in India.
The benefit will be available even when an Indian
company sends its employees to South Korea from a third
country. The benefit will be available to South Korean
professionals working in India also.
The officials said Indian workers will also be
entitled to transfer their social security benefit if they
relocate to India or a third country after the completion of
their service in South Korea.
India has already signed similar social security pact
with a number of countries.