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Treaty of Social Security Program: Check your country treaty here!


Purpose of the Agreement(Treaty with Korea)

The purpose of the agreement is to harmonize the differences in pension systems between the contracting countries and Korea, in order to provide the following benefits to the nationals of both countries:

First, exemption from dual enrollment

Prior to the agreement, individuals who worked or were self-employed in a foreign country for a short period of time were required to contribute to the pension systems of both countries. However, with the agreement in place, individuals can be exempted from enrolling in the pension system of the host country and only enroll in their home country's pension system, reducing financial burdens. (Specific provisions may vary depending on the agreement.)


Second, aggregation of coverage periods

Individuals who immigrate or reside long-term in a foreign country and have separated periods of pension coverage may not be eligible to receive pensions from either country due to insufficient coverage periods. However, with the agreement in place, the separated coverage periods from both countries can be combined to determine eligibility for pension benefits, allowing individuals to potentially receive pensions from the respective countries. (Specific provisions may vary depending on the agreement.)


Third, equal treatment

Under the agreement, individuals can expect equal treatment in terms of acquiring pension entitlements and receiving payment, in accordance with the laws of the host country. This can lead to improvements in entitlements and other benefits. (Specific provisions may vary depending on the agreement.)


Fourth, guarantee of pension remittance

Through the agreement, pension payments can be remitted overseas without restrictions, ensuring that individuals residing in the host country can receive their pensions without reduction. (Specific provisions may vary depending on the agreement.)


Please check your country list at the below website for more details;


For more details, please send an e-mail to jz@taxjz.com or If you would like a free consultation with an English-speaking Business Consultant/Accountant in Korea, please schedule a call at: Schedule a Call with Jz



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