National Pension
Foreigners' attainment of insured status of the National Pension Plan- Korean citizens residing in the Republic of Korea over the age of 18 and below the age of 60 shall be eligible to participate in the National Pension Plan. A foreigner employed in a workplace governed by this Act or resides in the Republic of Korea, other than a person prescribed by the laws and regulations, shall be a workplace-based insured person or individually insured person, as a matter of course. However, according to the principle of reciprocity, such foreigner may participate or not participate in the National Pension Plan, pursuant to the relevant laws of his/her home country (Articles 6 and 126 (1) of the National Pension Act).
Categories and details of pension benefits- Pension benefits can be divided into old age pension, disability pension, survivor pension, and lump-sum refund depending on the types of accidents and benefits (Article 49 of the National Pension Act).
※ Visit the website of the National Pension Service (http://www.nps.or.kr) and go to Social Security Agreement for further information on the attainment of insured status of the National Pension Plan.