1. Ambassador Extraordinary and Plenipotentiary Jang Keun-ho of the Republic of Korea to Peru, together with Peruvian Foreign Minister Ricardo Luna, formally signed the ROK-Peru agreement on social security in Lima, Peru, on March 2, local time.

° The agreement will be brought into force on the first day of the third month after the exchange between the two countries of their written notices on their completion of necessary domestic procedures for its effectuation.

2. The agreement mainly call for exempting workers from one country dispatched to the other from shouldering social insurance premiums in their host country for the first (one-year-extendable) four years of their stay; and improving their pension entitlements through the aggregation of the period of pension coverage in their home and host countries.

3. Going forward, the ROK government will proactively seek social security agreements with more countries in order to prevent Korean companies and workers overseas from shouldering double social insurance premiums, to enable the aggregation of the period of pension coverage and thereby to improve their pension entitlements.


* unofficial translation