Under the Double Social Security Contributions or Social Security Agreement, 75,000 Indian workers temporarily in the UK (up to three years) and their employers will be exempted from paying social security contributions (currently around 20% of the salary) in the UK.
The exemption is expected to lead to significant financial gains for Indian service providers and enhance their competitiveness, making it more attractive for Indian youth to pursue short-term work assignments and gain international exposure.
The first-of-its-kind innovation chapter in the Free Trade Agreement (FTA) aims to support innovative processes and trade in innovative products, along with provisions for joint activities on emerging and transformative technologies, fostering a dynamic environment for learning and development.
The inclusion of start-up exchange missions and the creation of platforms aims to facilitate nascent entities and start-ups to engage with key customers and partners in the UK, providing networking and growth opportunities for young innovators.
For Digital Trade, emphasis has been laid on online consumer protection, cybersecurity, and open internet access to create a safer and more reliable digital environment for businesses and consumers, and generate new potential career paths in these areas.
Another chapter on cooperation on Emerging Technologies covers data innovation to encourage youth to develop skills relevant to the future of digital trade. For skill development, educational and professional exchange, mutual recognition of qualifications by both countries is expected to simplify career pathways for Indian graduates in the UK.
Also Read: India-UK FTA to help Indian textiles and leather gain ground over Pakistan and Bangladesh
(Edited by : Poonam Behura)