Main Contents of the Social Security Agreement Between Korea and Finland
History of the Agreement with Finland
- Apr. 2014 : Held the first working-level meeting of the Agreement
- Dec. 2014 : Held the second working-level meeting of the Agreement (initialed the Agreement)
- Sep. 2015 : Signed the Agreement
- Sep. 2015 : Held the meeting for the Administrative Arrangement of the Agreement
- Nov. 2016 : Provided written notification to Finland that Korea has complied with all requirements for
entry into force of this Agreement - Nov. 2016 : Received written notification to Korea that Finland has complied with all requirements for
entry into force of this Agreement - Feb. 2017 : Entry into force of the Agreement
Applicable Legislation
- in relation to Korea,
- - Coverage : the National Pension, the Employment Insurance
- - Benefit : the National Pension
- in relation to Finland,
- - Coverage : the Earnings-Related Pension Scheme, the Unemployment Insurance
- - Benefit : the Earnings-Related Pension Scheme
Personal Scope of this Agreement
- This Agreement shall apply to persons who are or have been subject to the legislation of one or both Parties and to persons with respect to the rights derived from the persons first mentioned in this Article according to the applicable legislation of the Parties.
- ※ For more information, you may refer to the section Agreement.
Exemption from Dual Coverage
- ① In general, an employed or self-employed person who works in the territory of one Contracting Party shall, with respect to that work, be subject only to the legislation of that Contracting Party.
- ② A detached person is exempt from being subject to the legislation of the party which he/she is sent to for no more than 5 years if he/she is covered under the legislation of his/her home country.
- ⇒ Based on the mutual agreement between the two countries, those periods can be extended.
- ③ A person who is engaged in self-employed activities temporarily in the other Contracting Party is subject to the legislation of only the Contracting Party in which he/she ordinarily resides for no more than 5 years if he/she is covered under the legislation of the Contracting Party.
- ※ For more information, you may refer to the section Agreement or Guide for Exemption Application
[ Applicable legislation under the Agreement ]
| Type | Work Status | Coverage |
|---|---|---|
| Employee | You are working in Finland | |
| - for an employer in Finland who hired you | Finland | |
| - for an employer in Korea who sent you to work in Finland for no more than 5 years (Based on the mutual agreement between the two countries, those periods can be extended) | Korea | |
| - for an employer in Korea who sent you to work in Finland for more than 5 years without extension of the detached period | Finland | |
| You are working in Korea | ||
| - for an employer in Korea who hired you | Korea | |
| - for an employer in Finland who sent you to work in Korea for no more than 5 years (Based on the mutual agreement between the two countries, those periods can be extended) | Finland | |
| - for an employer in Finland who sent you to work in Korea for more than 5 years without extension of the detached period | Korea | |
| Self-employed | You are ordinarily self-employed in Finland | |
| - and work temporarily in Korea as a self-employed person for no more than 5 years (Based on the mutual agreement between the two countries, those periods can be extended) | Finland | |
| -and work in Korea as a self-employed person for more than 5 years without extension of the detached period | Korea | |
| You are ordinarily self-employed in Korea | ||
| - and work temporarily in Finland as a self-employed person for no more than 5 years (Based on the mutual agreement between the two countries, those periods can be extended) | Korea | |
| - and work in Finland as a self-employed person for more than 5 years without extension of the detached period | Finland |
Benefits under this Agreement
- Even though your periods of coverage in one country are not sufficient to qualify for pension benefits, you may be eligible for benefits after this Agreement has entered into force. This is possible due to totalizing the coverage of both countries.
- ① Korean National Pension Benefits under the Social Security Agreement
-
- If you do not have enough periods of coverage to qualify for pension benefits under the Korean national pension program, you may be able to qualify for Korean national pension benefits by totalizing periods of coverage under the Korean and Finnish pension systems. However, these periods creditable under the Finnish pension system, must not coincide with those under the legislation of Korea.
- Your benefit is calculated by dividing the Korean periods of coverage by the total periods of coverage and then multiplying by the benefits amount (theoretical benefit). The benefits amount (theoretical benefit) is calculated based on the total periods in both countries. - ② Finnish Pension Benefits under the Social Security Agreement
- - If you do not have enough periods of coverage to qualify for pension benefits under the Finnish pension system, you may be able to qualify for Finnish pension benefits by totalizing periods of coverage under the Korean and Finnish pension systems. However, these periods creditable under the Korean national pension program, must not coincide with those under the legislation of Finland.
- ③ A person who resides in the territory of a Party shall receive equal treatment with nationals of that Party in the application of its legislation regarding entitlement to or payment of benefits.
- ④ Korean lump-sum refunds are not granted to Finnish nationals based on the Agreement.
- ※ For more information, you may refer to the section either Agreement or Guide for Benefits Application.
Agencies of this Agreement
| Korea | Finland |
|---|---|
| National Pension Service (NPS) |
|
