New Delhi, Oct 8 (IANS) India and Germany Wednesday signed an agreement here that would exempt their nationals working in either country from social security contributions.
The exemption will be given to people on short-term contracts for a period of four years, extendable to another one year, said an official statement.
The agreement was signed by K. Mohandas, secretary at the ministry of overseas Indian affairs and Franz-Josef Lersch-Mense, state secretary of the German ministry of labour and social affairs.
Overseas Indian Affairs Minister Vayalar Ravi, who was present when the agreement was signed, said: "The agreement will help Indian investors and professionals in Germany."
He said negotiations have begun for a similar agreement with the US.
Lersch-Mense said the agreement would now go before the German parliament for its consent. A similar legislative exercise will be undertaken by the Indian parliament also before the provisions of the agreement are put into effect.
According to an earlier statement by the German embassy here, the agreement will protect the interests of all those professionals sent from India-based companies to their German subsidiaries, or those being sent by German companies to India-based branches on short-term contracts of up to 48 months.
There are nearly 68,500 Indians in Germany, many of them self employed.
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