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2 clusters · 5 sources · 4 days · First seen 8 days ago · Last updated 5 days ago

South Korean National Pension reform

Overview

South Korean authorities investigated allegations that foreign nationals were exploiting the National Pension Service by using lump-sum additional payments to secure lifelong pensions. The investigation found that only three individuals met the criteria for such exploitation, with only one currently receiving an old-age pension.

In response, the Ministry of Health and Welfare and the National Pension Service implemented stricter screening measures. As of late August, additional payments for foreigners are only recognized for months involving at least 15 days of residency in South Korea, and proof of immigration status is now required. Additionally, the government plans to introduce a reciprocity principle, limiting additional payments to citizens of countries that grant similar rights to South Koreans, while considering broader reforms to the additional payment system for all citizens.

Entities

Ministry of Employment and Labor · Ministry of Health and Welfare · Incheon Metropolitan City · South Korea · Park Hae-cheol

Timeline

5 days ago

[BUSINESS] 3 sources
South Korea addresses foreign worker safety and record dormant insurance
South Korea is addressing foreign worker welfare through enhanced industrial safety training in Incheon and calls to recover record-high dormant insurance payments exceeding 32 billion won.
8 days ago

[POLITICS] 2 sources
South Korea investigates National Pension additional payment exploitation claims
A South Korean government investigation found only three cases of foreigners using minimal contributions and maximum additional payments to secure pensions, with all subjects being long-term residents.

Sources

biz.heraldcorp.com · cunews.net · h21.hani.co.kr · kgdm.co.kr · seoul.co.kr