India-UK FTA to benefit over 60,000 employees in IT sector

India and the UK on Tuesday concluded a free trade agreement (FTA) and a double contribution convention or social security agreement that will benefit the IT sector.

Under this double contribution convention, Indian workers temporarily living in the UK need not have to pay national insurance contributions for three years. This means, according to the Ministry of Commerce, it will lead to savings of about 20% of their salary. It is also expected to benefit over 60,000 employees from the IT sector alone. It is said that benefits to Indian companies and employees will exceed Rs 4,000 crore.