India and Sri Lanka have signed a social security agreement that aims to enhance economic cooperation between the two countries. The agreement is expected to benefit over 30,000 Indian workers in Sri Lanka and Sri Lankan workers in India by providing them with social security benefits.
The social security agreement between India and Sri Lanka covers various aspects such as retirement, disability, and survivor benefits. It also includes provisions for the portability of social security benefits, which means that workers who have contributed to social security in one country can transfer their social security benefits to the other country.
The agreement will help Indian workers in Sri Lanka to contribute to the Employees Provident Fund (EPF) and the Employees Trust Fund (ETF) in Sri Lanka. Similarly, Sri Lankan workers in India will be able to contribute to the Employees’ Provident Fund Organisation (EPFO) in India.
The social security agreement is expected to boost economic ties between the two countries by providing a framework for promoting investment and entrepreneurship. It will also help to protect the rights of Indian and Sri Lankan workers in each other’s countries.
The social security agreement between India and Sri Lanka is part of the Indian government’s efforts to improve economic cooperation with its neighbors. India has signed similar agreements with several countries, including Japan, Canada, and Australia.
The agreement is expected to provide a significant boost to the bilateral trade between India and Sri Lanka, which is currently valued at around $5 billion. It will also provide a platform for increased cooperation in other areas such as tourism, education, and cultural exchange.
In conclusion, the social security agreement between India and Sri Lanka is a positive step towards enhancing economic cooperation between the two countries. The agreement provides a framework for protecting the rights of workers and promoting investment and entrepreneurship. It is expected to provide a significant boost to the bilateral trade and promote people-to-people contacts between India and Sri Lanka.