Revised social security pact with U.K. could save $500 million for Indian firms and workers
India and the U.K. have signed a revised social security agreement that increases the exemption limit for temporary workers to five years. This move is expected to save Indian companies over $500 million in social security payments.
Why it matters
The agreement significantly reduces operational costs for Indian firms in the U.K. and strengthens bilateral economic ties.
The agreement on social security that India and the U.K. have signed and that will come into force on July 15 will save Indian companies and workers there about $500 million worth of social security payments that they otherwise would have had to pay in the U.K., according to sources in the Ministry of Commerce and Industry.
The report provides factual details regarding a government trade agreement and its projected economic impact.
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