Social Security Agreement between Canada and the Republic of Serbia - Agreement comes into force December 1, 2014

OTTAWA, Dec. 1, 2014 /CNW/ - The Honourable Jason Kenney, Minister of Employment and Social Development and Minister for Multiculturalism, has announced that the Agreement on Social Security between Canada and the Republic of Serbia comes into force today, December 1, 2014.

This Agreement will enable Canada and Serbia to coordinate pension benefits and contributions for people who have lived or worked in both countries. The agreement will coordinate the operation of Canada's Old Age Security and Canada Pension Plan programs with the comparable pension programs of Serbia.

This agreement also facilitates increased commercial and economic co-operation between the two countries.

Quick Facts

This new agreement will benefit Canada and Serbia by:

• helping eligible individuals qualify for old age, disability and survivor benefits based on their affiliation with each country's pension system;
• permitting Canadian companies and their employees sent  to work temporarily in Serbia to continue to contribute to the Canada Pension Plan and to be exempt from contributing to the comparable pension programs in Serbia for the same work; and
• permitting Serbian companies and their employees sent to work temporarily in Canada to benefit from the same advantages.This will result in substantial savings and increase the economic competitiveness of Canadian and Serbian companies operating in each other's territory.

Quotes

"Our government is committed to ensuring the retirement security of Canadians whether they have lived or worked in Canada or abroad. This agreement demonstrates the continued spirit of partnership and collaboration between our two countries and recognizes the valuable contribution of Serbian-Canadians in making Canada stronger."
– The Honourable Jason Kenney, Minister of Employment and Social Development and Minister for Multiculturalism

Associated Link

Social security agreement helps people who have lived or worked in Canada and Serbia

Backgrounder

The Agreement on Social Security will enable Canada and Serbia to coordinate the operation of Canada's Old Age Security and Canada Pension Plan programs with the comparable pension programs of Serbia.

This new agreement will benefit Canada and Serbia by:

• helping eligible individuals qualify for old age, disability and survivor benefits based on their affiliation to each country's pension system; and
• permitting Canadian companies and their employees sent to work temporarily in Serbia to continue to contribute to the Canada Pension Plan and to be exempt from contributing to the comparable pension programs in Serbia for the same work. As well, permitting Serbian companies and their employees sent to work temporarily in Canada to benefit from the same advantages. This will result in substantial savings and increase the economic competitiveness of Canadian and Serbian companies operating in each other's territory.

Canada has signed 58 international social security agreements, of which 56 are in force, with the following countries:

Agreements have also been signed with India and Peru but are not yet in force. They will enter into force once Canada and each of these countries have completed their respective legal processes.

SOURCE Employment and Social Development Canada