Hungary, US Sign Pact On Social Support
- 4 Feb 2015 8:00 AM
Human Resources Minister Zoltan Balog and US Ambassador to Hungary Colleen Bell have signed an agreement on social security (unemployment, disability and retirement support). The agreement ensures fairer conditions for people who have worked in both countries, the ambassador said. It eliminates parallel payment of social security contribution in the two countries, the ambassador said.
Creating more transparent conditions for the take-up of jobs is in the interest of both the United States and Hungary, she said.
The agreement establishes favourable regulatory environment on social payments by Hungarian citizens staying for various reasons in the United States and by US citizens in Hungary, Balog said. It also includes regulations on pensioners and employees living with disabilities, he added.
He noted that talks started in 2008 for the agreement which affects more than 10,000 people. A statement by the US embassy said that when the agreement takes effect, US and Hungarian employers and their employees will contribute to either the US or Hungarian social security system, but not both.
“Before this Agreement can take effect, the U.S. Congress and the Hungarian Parliament must review it.
The United States has similar social security agreements with 25 other countries, including Australia, Canada, Chile, Japan, Norway, South Korea, Switzerland, and many other countries in the European Union,” it added.
Source www.hungarymatters.hu
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