New Delhi, Sep 18 : More than two lakh Indians in France will be eligible to avail social security benefits under an agreement India and France sign during Prime Minister Manmohan Singh's visit to Paris later this month.
The Union Cabinet today approved the terms for signing a Social Security Agreement between the two countries.
"The social security agreement will provide various benefits to Indian nationals working in France," Information and Broadcasting Minister P R Dasmunsi told reporters after a cabinet meeting here.
France is home to more than 65,000 self-employed Indian professionals including lawyers, medical professionals, IT services and financial auditors who would be covered by the provisions of the bilateral social security agreement.
Under the agreement, workers on short-term contract up to five years would not have to make any social security contribution separately in France if they continue to make social security payment in India.
Indians, including workers and self-employed individuals, would be entitled to get remittance for all their social security benefits even if they relocate to India after completing of their service tenure in France. These include continuation of term for Life Insurance, old age pension, disability benefit, health insurance and unemployment insurance.
Indian companies will also get a breather with the acceptance of this bilateral agreement as they will not have to make the mandatory social security contributions in these countries for their employees, thus reducing their cost and increasing their profitability.
India and France had finalised the social security agreement after negotiations held in New Delhi from August 26 to 29.