China Focus: China, Austria sign social security agreement to avoid dual contributions, boost cross-border business

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China and Austria signed the China-Austria social security agreement earlier this month, a move aimed at resolving the issue of dual social insurance contributions for companies…

BEIJING, Nov. 14 (Xinhua) -- China and Austria signed the China-Austria social security agreement earlier this month, a move aimed at resolving the issue of dual social insurance contributions for companies and employees from the two countries operating or working in each other's territory, China's Ministry of Human Resources and Social Security said on Saturday.

Social security is a basic institutional safeguard for improving people's livelihoods, upholding social fairness and enhancing public well-being. In line with international practice, most countries require foreign workers employed in their territory to participate in their social insurance systems and make contributions.

As economic globalization deepens, cross-border corporate investment and labor mobility have become increasingly frequent, and multinational companies and workers may face dual social insurance contributions in both the home country and the host country.

A common international approach is to negotiate bilateral or multilateral social security agreements based on the principles of reciprocity, mutual benefit and cooperation.

Such agreements specify that individuals already covered by social insurance in one contracting country and meeting relevant conditions may be exempted, within a specified period, from paying corresponding social insurance contributions in the other contracting country where they work.

In recent years, China-Austria economic and trade cooperation has become increasingly close, and mutual investment and personnel exchanges have continued to grow. After technical consultations and formal negotiations, the two sides reached a consensus on the text and signed the agreement on Nov. 6.

The agreement consists of 19 articles and addresses the issue of dual social insurance contributions for investing companies and workers from the two countries.

This year marks the 55th anniversary of the establishment of diplomatic relations between China and Austria.

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