On August 1 the Multilateral Latin American Social Security Agreement and its Implementation Agreement came into force.
On August 1, 2016 the Multilateral Latin American Convention on Social Security, held in Santiago, Chile, in November 2007, and its Implementing Agreement, held in Madrid in September 2009, came into force in Argentina.
The Convention has an international standard within the Latin American Social Security Association ("OISS") framework. OISS is comprised of Andorra, Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Spain, Guatemala, Honduras, Mexico, Nicaragua, Panama, Peru, Paraguay, Portugal, the Dominican Republic and Uruguay.
The Convention, ratified until this date by Bolivia, Brazil, Chile, Ecuador, El Salvador, Spain, Paraguay, Peru, Portugal and Uruguay, provides for the coordination of each country's national legislation on Social Security economic benefits on disability, old age, survival, work accidents and occupational disease of those who, because of paid employment or independent activity, have been displaced to two or more member States, crediting in those countries insurance or employment contribution periods.
It applies to people of any nationality, as well as their families, beneficiaries and entitled persons. It does not affect the economic benefits corresponding to non-contributory schemes, social assistance or benefit schemes for war victims and its consequences, provided under each country's national legislation.
The Convention establishes the basic principles of equal treatment between local workers and foreigners providing services within a particular State; the determination of a single applicable legislation, as it can only be compulsorily covered by the social security rules of a State at a time; the conservation of pension plan expectations, through the aggregation of contribution or employment periods and the application of the "pro rata" rule; the maintenance of acquired rights, through the implementation of the exportability of benefits; and administrative cooperation.
In order to determine the applicable social security legislation, the Convention establishes as a general rule the exclusive subject to the Social Security...