Korea-Philippines Agreement on Social Security Enters into Force

1. The Agreement on Social Security between the Government of the Republic of Korea and the Government of the Republic of the Philippines ("the Agreement") will enter into force on April 1.

2. The Agreement will exempt Korean workers dispatched to the Philippines from paying social insurance premiums in the Philippines for five years. This exemption period can be extended for an additional 3 years, making the total exemption 8 years, subject to an agreement between the two countries.

3. The Agreement will also allow the totalization of the periods of pension coverage in Korea and the Philippines for those who are not eligible for pension benefits due to their shorter-than-required periods of pension coverage. If the periods of pension coverage are totalized, the pension amount will be paid proportionately in line with the periods of pension coverage completed in each country.

4. Furthermore, lump-sum refunds are also granted to nationals of the Philippines under the same conditions as those granted to Korean nationals.

5. With the entry into force of the Agreement, Korea has social security agreements with a total of 40 countries in effect. The Korean government will continue to actively seek the conclusion of social security agreements in order to relieve insurance premium burdens of Korean nationals and enterprises, and to improve their entitlements to benefits.

6. For more details about the Agreement, including information on how to apply for certificates for exemption from paying social security premiums to the Philippines as well as for pension benefits from the country, please call the Center for International Affairs at the National Pension Service at 063-713-7101.