The Albanese Labor Government is entering into negotiations with the Lithuanian Government on a bilateral social security agreement.
An agreement would enhance access to certain Australian and Lithuanian social security benefits for eligible people who have lived and/or worked in both countries.
Minister for Social Services, Amanda Rishworth said that an agreement would not only deepen the ties between Australia and Lithuania, but also has the potential to benefit businesses as well as citizens.
“We will give citizens of both countries greater freedom and choice in how they spend their retirement, knowing they will still continue to be supported,” Minister Rishworth said.
“An agreement will also benefit businesses operating in both countries by ensuring they don’t have to pay compulsory superannuation and insurance contributions in both countries for seconded employees.”
Assistant Minister for Foreign Affairs Tim Watts, said the agreement is an important step in growing the Australia-Lithuania relationship.
“Lithuania is a valued partner for Australia and supporting our respective diaspora communities is a critical element of this,” said Assistant Minister Watts.
An agreement between Australia and Lithuania would build on Australia’s existing portfolio of 32 international social security agreements, following the recent commencement of the Social Security Agreement between Australia and the Republic of Serbia.
In addition to improving bilateral relations, international social security agreements can:
- assist eligible people who have moved between Australia and an agreement country to access pensions from both countries they may not otherwise be able to access,
- provide increased flexibility and choice upon retirement, and
- reduce business costs, promote bilateral trade and investment opportunities.
More information on Australia’s current international social security agreements and what they do is available on the Department of Social Services website.