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👉About the National Pension Scheme
The National Pension Scheme is a Social Security System implemented by the Government to ensure the stable livelihood by collecting contributions and paying pension benefits for the insured or their dependents, to prepare for retirement or unexpected calamities such as
disability and death.
👉 Compulsory Coverage of the National Pension Scheme
▶ Foreigners aged between 18 and 60 residing in Korea are subject to the compulsory coverage of the National Pension Scheme, the same as Korean nationals. Foreigners whose countries don’t cover Korean nationals under their public pension schemes, however, are
excluded from coverage under the NPS.
▶ Despite the above provisions, if there are relevant provisions under the Social Security
Agreement between Korea and any foreign countries, those provisions will be applied.
👉Payment Contributions
▶ For workers in the workplace, the employees and their employers should make
contributions for the employees amounting to 4.5% of the standard monthly income
respectively, based on the employees’ earned income.
▶ The Individually Insured Persons should make contributions amounting to 9% of their
reported standard monthly income.
※ There is no discrimination in terms of the contribution rate between foreigners and
Koreans. The payment should be made no later than the 10th day of the following month.
👉Benefits
▶ If foreign insured persons are entitled to an Old-age, Disability, or Survivor Pension, they
will receive pension benefits the same as Korean nationals.
▶ Old-age Pension
- The Old-age Pension is paid monthly to those whose insured period is 10 years or more and
are over 60 years old. The pensionable age will increase by 1 year every five years, starting
from the year 2013, until it reaches 65 in 2033.
▶ Disability Pension
- The Disability Pension is paid to those with a disability after the treatment of diseases or
injuries incurred during the insured period, according to the degree of their disability.
Annuities will be paid to those with 1st, 2nd and 3rd degree disabilities and lump-sum
benefits will be paid to those with 4th degree disabilities.
▶ Survivor Pension
- If currently insured persons or pensioners are deceased, a Survivor Pension will be paid
every month to their surviving dependents whose livelihood was supported by the deceased
person.
▶ Lump-sum Refund
- In principle, a lump-sum refund is not paid to foreigners, however, in the case of foreigners
falling under any of the following items, when they leave Korea, reach the age of 60, a lumpsum refund equivalent to the amount of contributions paid plus the fixed interest is paid to
them, or to their survivors if they should die.
① A foreigner whose home country has concluded a social security agreement with Korea to
secure benefit rights by combining the insured period in each country.
② A foreigner whose country grants Koreans a benefit corresponding to a lump-sum refund.
③ A foreign worker whose stay visa falls under E-8 (Employment for Training), E-9 (Nonprofessional Employment), or H-2 (Visiting Employment).
【 Countries that are exempted from and granted Lump-sum Refunds 】
▶Countries provided lump-sum refunds under the Social Security Agreement
(5 countries)
Germany
U.S.
Canada
Hungary
France
▶Countries exempted from the National Pension (18 countries)
Belize, Grenada, Nigeria, Barbados,
Saint Vincent and Grenadine, Zimbabwe,
Cameroon, Congo, Thailand, Togo, Venezuela,
Ghana, Malaysia, Vanuatu, Bermuda, Sudan,
Sri Lanka, Switzerland, El Salvador,
Jordan, India, Indonesia, Kazakhstan, Kenya,
Trinidad and Tobago, The Philippines,
Hong Kong, Turkey, Columbia
▶Countries provided lump-sum refund on the principle of reciprocity
(29 countries)
South Africa, Nepal, Russia,
The Maldives,
Myanmar, Bangladesh,
Vietnam, Saudi Arabia,
Singapore, Armenia, Ukraine,
Ethiopia, Iran (under the social
security agreement), Egypt,
Tonga, Pakistan,
Fiji, Cambodia
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