Agreement on Social Security: What You Need to Know
Social security is a crucial part of any society, as it provides financial support to individuals who are unable to work due to illness, disability or old age. The agreement on social security is an international treaty that aims to provide social security benefits to individuals who have worked in both their home country and abroad. Here`s what you need to know about this agreement.
What is the Agreement on Social Security?
The agreement on social security is a treaty signed by many countries, including the United States, which aims to provide social security benefits to eligible individuals who have worked in more than one country. The agreement ensures that individuals do not lose social security benefits earned in one country when they move to another country or when they work abroad.
How Does it Work?
The agreement on social security works by ensuring that individuals who have worked in both their home country and abroad are able to receive social security benefits in both locations. This means that individuals who have worked in both the United States and another country, for example, are able to receive social security benefits in both countries.
The agreement also aims to eliminate double taxation, ensuring that individuals who work in two countries are not taxed twice on the same income. This is achieved through the allocation of social security taxes paid by individuals to the country in which they are working.
Who is Eligible?
To be eligible for social security benefits under the agreement, individuals must have worked in both their home country and abroad and paid social security taxes in both locations. The individual must also meet the eligibility requirements for social security benefits in each country.
What Benefits are Provided?
The benefits provided under the agreement on social security vary depending on the country. In the United States, the agreement ensures that eligible individuals receive benefits such as retirement, disability, and survivor benefits. In other countries, the benefits may include healthcare, unemployment benefits, and family benefits.
Conclusion
The agreement on social security is an important international treaty that aims to provide social security benefits to eligible individuals who have worked in more than one country. The agreement ensures that individuals do not lose social security benefits earned in one country when they move to another country or when they work abroad. It also aims to eliminate double taxation and ensure that individuals who work in two countries are able to receive social security benefits in both locations. If you`re an individual who has worked in both your home country and abroad, it`s important to understand your eligibility for social security benefits under the agreement.