Real Estate and Relocation Co.
Under the national pension system operated by the government, citizens are requiredto pay pension premiums to prepare for their senior years, unexpected disabilities, and/or death. Pensions are also paid to beneficiaries or their families in the event of anemergency.
Foreign residents in Korea are required to subscribe to the national pension scheme, just like nativeKoreans. If a foreign resident between the ages of 18 and 60 works at a business, he/she becomes anemployee subscriber; in other situations, the foreign resident becomes a local subscriber. However, ifthe laws of the resident’s native country do not allow Koreans to subscribe to their pension scheme,the foreign resident cannot subscribe to the Korean national pension scheme. If there are any existingsocial security treaties between Korea and the native nation of the foreign resident, the rules of thetreaties are followed.
Georgia, Nigeria, South Africa, Nepal, East Timor, Malaysia, Maldives, Myanmar, Bangladesh, Vietnam, Belarus, Brunei, Saudi Arabia, Swaziland, Singapore, Armenia, Ethiopia, Iran, Egypt, Cambodia, Tonga, Pakistan, Fiji
If foreign residents meet the qualifications for pension benefits (old age, disability, or bereaved), theycan receive the respective pensions.
Anyone who has paid into the old age pension for ten years or longer may receive pension paymentupon reaching a certain age.
| Items | -1952 | 1953-1956 | 1957-1960 | 1961-1964 | 1965-1968 | 1969~ |
|---|---|---|---|---|---|---|
| Age | 60 | 61 | 62 | 63 | 64 | 65 |
When the recipient has satisfied the payment requirement for pension (age 18~before the age ofpayment of old age pension), if there is permanent (unresponsive to treatment) disease or injurythat has occurred during the period of subscription (one and a half years passes after the date offirst diagnosis if not completely treated), those who are in grade 1 to grade 3 will receive a pension,and those who are in grade 4 will receive lump-sum benefits.
When an individual who has satisfied certain pension payment requirement dies, or a subscriberdies while subscribing to the pension or receiving pension benefits (old age, grade 1 to 2 disability),a monthly pension payment will be sent to surviving family members of the same household.
Lump-sum pensions are not typically awarded to foreign residents, but a lump-sum amount plusinterest is awarded in the following cases: when a foreign resident returns to his/her home country,dies, or turns 60 years of age. Lump-sum pensions may also be given in the following cases.
Thailand, Philippines, Malaysia, Indonesia, Sri Lanka, Kazakhstan, Hong Kong, Belize, Grenada,St. Vincent and the Grenadines, Zimbabwe, Cameron, Ghana, Vanuatu, Bermuda, Sudan,El Salvador, Jordan, Kenya, Trinidad and Tobago, Bhutan, Colombia, Uganda and Tunisia.(24 countries for lump-sum payment based on reciprocity)
Germany, USA, Canada, Hungary, France, Australia, Czechoslovakia, Belgium, Poland, Slovakia,Bulgaria, Romania, Austria, India, Turkey, Switzerland, Brazil, Peru, Switzerland, Turkey, India,Luxemburg, Slovenia, and Croatia (21 countries for lump-sum payment based on social securityagreement)