Social Security benefit has been extended to Indian executives in the UK
NEW DELHI: Indian professionals working with their company subsidiaries in the UK or on on-site assignment will be exempt from social security contributions for five years, instead of the previously agreed three years, on submitting a certificate that they are contributing to EPFO here.The move would reduce exit by 15% and cover 90-95% of Indian workers in the UK, who are estimated to be over 75,000 at present. The new Social Security Agreement or Dual Compact Agreement (DCC) will be implemented from July 15, along with the Comprehensive Economic and Trade Agreement (CETA) as the government has been able to obtain concessions for a significant portion of steel exports under the new tariffs.
While Indian steel exports to the UK were worth $890 million, 188 products worth $137 million in shipments were affected, but market access for these products has been secured through a combination of measures, such as country-specific quotas and remaining quotas under the bilateral trade agreement, an official said.
About 85% of India’s steel exports to the UK have been exempted from Britain’s upcoming steel protection rules.The UK’s steel protection measures, which apply to all countries, have been a major stumbling block in implementing the trade agreement signed last year. The deal was concluded and announced on Wednesday after a meeting between Prime Minister Narendra Modi and his British counterpart Keir Starmer. UK tariffs will reduce duty-free steel import quotas by 60% from July 1, with imports above established limits subject to a 50% tariff from the current 25%.
Details of the India-UK steel deal will be announced on July 1.The DCC is expected to help save Indian workers at least Rs 4,000 crore annually, while helping improve their competitiveness compared to countries that already have similar agreements with the UK.