1. The Republic of Korea’s Agreements on Social Security with Chile and Finland will be brought into force on February 1.

2. The Agreements mainly call for exempting workers from one country dispatched to the other from shouldering social insurance premiums in their host country; and guaranteeing their pension entitlements through the aggregation of the period of pension coverage in their home and host countries.

° The ROK-Chile agreement only provides for the exemption of insurance payments, while the ROK-Finland agreement calls for both the exemption of insurance payments and the aggregation of the period of pension coverage.

3. The ROK-Chile agreement, when in force, will exempt Korean workers dispatched to Chile from paying pension insurance premiums in Chile for five years and self-employed Koreans in Chile for an unlimited period time.

4. Under the ROK-Finland agreement, the Korean workers who are self-employed and dispatched to Finland will not shoulder pension and unemployment insurance premiums for five years.

5. When the ROK’s Agreements on Social Security with Chile and Finland are brought into force, the ROK will have in place such agreements with 31 countries.

° The ROK government will actively seek social security agreements with more countries in Asia, Latin America and Africa in a bid to increase people-to-people and material exchanges and improve the pension entitlements of Korean workers dispatched overseas.

6. For further details about the ROK’s social security agreements with foreign countries, please contact the Center for International Affairs of the National Pension Service at 02-2176-8700.


* unofficial translation