Since 1999, Korea has established a network of bilateral social security agreements that coordinate the Korean pension scheme with the comparable schemes of other countries.
The agreement may be of particular interest to multinational companies as well as to those who have worked abroad during their careers.

It has four basic objectives:

First, the agreement aims to reduce the financial burden on persons (e.g. detached workers or self-employed persons working abroad temporarily, who would otherwise have to pay social security contributions in both countries. As a result, those persons can pay their contributions to only one country’s pension scheme.
(NOTE: Details may vary depending on the respective agreement).
☞ Elimination of Dual Coverage

Second, the agreement aims to help persons, either long-term residents in foreign countries or immigrants, who have separate careers in two countries. Those persons can acquire benefit eligibility by totalizing periods of coverage in both countries. Without totalization of the periods, they may not acquire benefit eligibility under one country's pension insurance system, as a result of an insufficient period of coverage.
(NOTE: Details may vary depending on the respective agreement).
☞ Totalization of Coverage Periods

Third, the agreement aims to improve the conditions of benefit eligibility. It ensures that nationals of one contracting country are treated equally with nationals of the other contracting country in the application of the other contracting country's social security system, regarding the eligibility for benefits and the payment of contributions
(NOTE: Details may vary depending on the respective agreement).
☞ Equal Treatment

Fourth, the agreement aims to guarantee that benefits are remitted overseas without restrictions even when an eligible person stays or resides in the other contracting country. Therefore, the person who has acquired benefit eligibility will not receive reduced benefits only because he/she stays or resides in the other contracting country.
(NOTE: Details may vary depending on the respective agreement.)
☞ Overseas Remittance of Benefits