Delhi: On the India-UK FTA, Union Minister Piyush Goyal says, “…The most important profit that this FTA gives is to the companies sector. They had been sending their staff to serve within the UK for 2-3 years, and through that interval, almost 25% of the staff' revenue was being paid into the Nationwide Safety Program, their pension program. However as a result of these individuals didn't keep there for 10 years, which was the minimal required to get the advantages of the pension, the cash they had been paying was misplaced… So even at a low 60,000-pound incomes, they had been dropping 15,000 kilos, which is about Rs 18 lakhs per 12 months… Now they will pay that very same quantity into the Provident fund account in India. So it turns into their saving, it isn't cash misplaced, and that may turn out to be their pension or their safety for the long run. It's going to additionally earn them over 8% tax-free curiosity of their Provident fund account. So they do not should pay something additional, the financial savings that may occur due to the double contribution conference settlement… It is a stage taking part in discipline now, similar to the UK staff can get a pension, our individuals can pay in India and get a pension or safety in India. So it is a stage taking part in discipline even for the UK. It is honest that the cash shouldn't be misplaced for people who find themselves serving to assist the UK economic system. It is a win-win for each, and I've all the time mentioned an settlement can solely work when it is a win-win for each nations…”
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