Main Contents of the Social Security Agreement Between Korea and Peru
History of the Agreement with Peru
- Dec. 2013 : Held the first preliminary meeting of the Agreement
- Feb. 2015 : Held the second working-level meeting of the Agreement
- Mar. 2017 : Signed the Agreement
- Mar. 2017 : Held the meeting for the Administrative Arrangement of the Agreement
- Oct. 2018 : Provided written notification to Peru that Korea has complied with all requirements for the
effectuation of the Agreement - Oct. 2018: Received written notification to Korea that Peru has complied with all requirements for
effectuation of this Agreement - Nov. 2018: Signed the Administrative Arrangement of the Agreement
- Jan. 2019 : Entry into force of the Agreement
Applicable Legislation
- In relation to Korea, the National Pension System.
- In relation to Peru, the Private Pension System and the National Pension System.
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 the dependants and survivors of such persons within the meaning of the applicable legislation of that Contracting Party.
- ※ 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 worker is exempt from being subject to the legislation of the Party which he/she is sent to for no more than 4 years if he/she is covered under the legislation of his/her home country.
⇒ Based on a mutual agreement between the Contracting Parties, the exemption period can be extended only once for an extra year. - ③A person who is engaged in self-employed activities temporarily in the other Contracting Party is subject to the legislation of the Contracting Party only in which he/she is ordinarily engaged in self-employed for no more than 4 years if he/she is covered under the legislation of the Contracting Party.
⇒ Based on a mutual agreement between the Contracting Parties, the exemption period can be extended only once for an extra year. ※ 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 | In case working in Peru: | |
| - Those who are employed in Peru | Peru | |
| - Those who are employed in Korea but are dispatched to Peru for work for no more than 4 years (Based on a mutual agreement between the two countries, the exemption period can be extended) | Korea | |
| - Those who are employed in Korea but are dispatched to Peru for work for more than 4 years without extension of the detached period | Peru | |
| n case working in Korea: | ||
| - Those who are employed in Korea | Korea | |
| - Those who are employed in Korea but are dispatched to Peru for work for no more than 4 years (Based on a mutual agreement between the two countries, the exemption period can be extended) | Peru | |
| - Those who are employed in Korea but are dispatched to Peru for work for more than 4 years without extension of the detached period | Korea | |
| Self-employed | In case running self-employed business in Peru: | |
| -When those who are ordinarily engaged in self-employed activities in Korea work temporarily in Peru as a self-employed person for no more than 4 years (Based on a mutual agreement between the two countries, the exemption period can be extended) | Korea | |
| - When those who are ordinarily engaged in self-employed activities in Korea work in Peru as well, as a self-employed person for more than 4 years without extension of the detached period | Peru | |
| - In case running self-employed business in Korea: | ||
| - When those who are ordinarily engaged in self-employed activities in Peru work temporarily in Korea as a self-employed person for no more than 4 years (Based on a mutual agreement between the two countries, the exemption period can be extended) | Peru | |
| - When those, who are ordinarily engaged in self-employed activities in Peru, work in Korea as well, as a self-employed person for more than 4 years without extension of the detached period | Korea |
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, thanks to the totalization of coverage periods in 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 Peruvian pension systems. However, these periods creditable under the Peruvian 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 Peruvian Pension Benefits under the Social Security Agreement
- If you do not have enough periods of coverage to qualify for pension benefits under the Peruvian pension system, you may be able to qualify for Peruvian pension benefits by totalizing periods of coverage under the Korean and Peruvian pension systems. However, these periods creditable under the Korean national pension program, must not coincide with those under the legislation of Peru.
- 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 granted to nationals of Peru 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 | Peru |
|---|---|
| (1) National Pension Service (NPS) |
|
