Social Security Law: US SS Dues to Indian Employees Questioned by Indian Industry Minister
June 23, 2011
Washington- Industry Ministry Anand Sharma has queried on the proceeds of India's annual $1 billion share on US Social Security (SS) dues in US- India Trade Policy Forum today.
The India Industry Minister raised questions on where the US has been spending the India's SS contributions for its Information Technology (IT) workers and professionals. Sharma reiterated that he has not seen the SS benefits given to the high-skilled Indian employees, who have short-term visa access to US, according to reports.
Reports said Sharma disclosed that India has spent more than $1 billion each year for the Social Security taxes of its IT professionals as part of the Totalisation Agreement and Bilateral Investment Treaty conditions. He has called for Treasury Tim Geithner and the Obama administration to explain the proceeds of the annual dues.
Sharma has been in the US for the week-long US-India Trade Policy Forum. He seeks to confirm the conditions made in the Bilateral Trade and Investment agreement with the current US administration, including outsources businesses in India, reports said.
Reports said Sharma is also negotiating for less stringent immigration policies for Indian workers in the US. He said that the current labor restrictions may affect market access and investment opportunities.
Sharma affirmed that the booming $85 billion profits from the bilateral trade will grow more should the Obama administration ease the current immigration tensions, reports said.
Reports said Finance Minister Pranab Mukherjee will lead the second round of US-India Economic and Financial Partnership dialogue with the Obama administration in July in New Delhi.
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