The Hon Amanda Rishworth MP
Minister for Social Services
The Hon Tim Watts MP
Assistant Minister for Foreign Affairs
The Albanese Labor Government has commenced negotiations with the Uruguayan Government on a bilateral social security agreement.
An agreement would allow for the payment of certain Australian and Uruguayan social security benefits to eligible citizens of either country, regardless of which of the two countries they reside in when they retire.
Minister for Social Services, Amanda Rishworth said Australia has much to gain from an agreement and looks forward to the continuation of productive negotiations.
"By deepening the ties between our two countries, we will give our citizens greater freedom and choice in how and where they spend their retirement, secure in the knowledge they will still be supported," Minister Rishworth said.
Minister Rishworth said an agreement would not only benefit Australian and Uruguayan citizens, but also has the potential to benefit businesses and drive investment between the two countries.
"Agreements can reduce costs for businesses operating across countries by ensuring they don't have to pay compulsory superannuation and insurance contributions twice for seconded employees," said Minister Rishworth.
Assistant Minister for Foreign Affairs, Tim Watts, welcomed the strengthening of Australia and Uruguay's relationship.
"Australia has a significant and growing Latin American diaspora and this agreement with Uruguay marks another step towards deepening our engagement in this important region," said Assistant Minister Watts.
Australia currently has 32 international social security agreements, with its latest Agreement, between Australia and the Republic of Serbia, commencing in February 2024.
In addition to improving bilateral relations, international social security agreements:
- assist eligible people who have moved between Australia and an agreement country to access pensions from both countries they might not otherwise be able to access,
- provide more flexibility and choice upon retirement, and
- reduce business costs, promote bilateral trade and investment opportunities.
