Special Report on
Belgian-Indian social security agreement
Belgian-Indian social security agreement - Trends
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According to the latest Annual Report of the Social Security Trust Fund, payroll taxes will be insufficient to cover promised benefits starting in the year 2016. That year�s shortfall will be more than $20 billion. By 2020 the funding gap balloons to $99 billion. The Social Security �problem� is largely demographic: Baby boomers will start to retire en mass shortly after 2010, leaving fewer workers to pay into the system. If present trends continue, either: payroll taxes must rise, pension amounts must fall, or both. Many people believe that foreign workers offer a fairly painless way out of the Social Security dilemma. ...
Overseas Indian Affairs Minister Vayalar Ravi said in New York on Friday that New Delhi is trying to negotiate for an agreement with the Bush Administration under which temporary Indian workers in the US would not have to pay social security taxes. Talking to a small group of Indian journalists Ravi said during the visit of Belgium prime minister Guy Verhofstadt to India earlier this month an agreement, called social security agreement, was signed with Belgian Foreign Minister under which Indians who would work there for less than five years would have the option of paying their social ... Read More
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