Odisha News Insight

India Germany ratify on Social Security Agreement to improve Investments

India GermanyIndia and Germany on Friday ratified a comprehensive Social Security Agreement (SSA) to improve investment flows between the two countries. The agreement will come into effect from May this year.

The Pact was signed on October 12, 2011 of which the instruments of confirmation were exchanged on Friday.

According to the statement from the Ministry of External Affairs, the agreement establishes the rights and obligations of nationals of both the countries and provides for their equal treatment and unrestricted payment of pensions even in case of residence in the other contracting state.

The Agreement is believed to reduce the operational costs of Indian and German companies operating in either of the countries.