Australia and Serbia Reach Pension Agreement to Benefit Citizens of Both Countries
Australia and Serbia have signed a bilateral social security agreement that will benefit citizens of both countries in terms of pension entitlements. The agreement ensures that people who have worked and paid taxes in both countries are not disadvantaged when it comes to accessing their pension entitlements.
The agreement applies to individuals who are Australian resident and have worked in Serbia and vice versa. It allows people to combine their periods of work in both countries to meet minimum eligibility requirements for pensions based on their total years of coverage.
Under the agreement, people may be eligible for an Australian Age Pension or a Serbian Pension, depending on their country of residence and the total number of years they have worked and paid taxes. The agreement is reciprocal, meaning that Australians who have worked in Serbia and Serbians who have worked in Australia will be able to claim benefits in both countries.
The agreement also covers the payment of pension benefits to widows, widowers, and dependent children in cases where the person who was eligible for a pension has died. The agreement also includes provisions for the payment of retirement, disability, and survivor’s benefits to eligible individuals.
The Australia-Serbia Pension Agreement has been in effect since 1 January 2019 and is an example of how countries can work together to protect the rights of their citizens when it comes to accessing their social security entitlements.
The agreement will be particularly welcomed by the many Serbians who live and work in Australia, as well as by Australians who live in Serbia or have family connections there. It is expected to stimulate further economic and cultural ties between the two countries.
In conclusion, the Australia-Serbia Pension Agreement is an important step towards ensuring that citizens of both countries are able to access their pension benefits without being disadvantaged. The agreement will provide greater certainty and security for those who have worked and paid taxes in both countries. It is a positive example of how countries can work together to protect the rights of their citizens and promote greater economic and cultural cooperation.