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Biz News Korea(Eng)

Foreigners covered by Korea’s national pension top 260,000

Collected: 2016.08.18

Distributed: 2016.08.18

Source: Go Direct

Some 264,651 foreigners from 129 countries are covered by South Korea’s national pension plan as of late May, according to the National Pension Service (NPS) on Wednesday.

Chinese nationals ranked first with 133,357 people, followed by 24,690 Indonesians, 21,033 Filipinos, 18,252 Thais, 16,467 Sri Lankans, 15,891 Americans, 5,959 Canadians, and 5,207 Uzbeks.

Like Koreans, foreigners residing in Korea are subject to compulsory coverage of the National Pension Scheme. If the workplace is covered by the scheme, the employer and individual share the monthly contribution.

As of late May, 3,859 foreigners collected pension refunds - 1,904 from old-age pension, 184 from disability pension, and 1,771 from survivor pension on behalf of the insured deceased. Americans were largest collectors numbering 1,247, followed by 809 Chinese, 363 Japanese, 234 Vietnamese, 199 Taiwanese and 109 Filipinos. They received 1.39 billion won ($1.25 million) in total from the Korean pension in May.

“The coverage ratio remains low given foreigners living in Korea totaled 1.74 million as of January in 2015,” said Rep. Kim Sang-hoon from the ruling Saenuri Party.

By Ahn Byoung-jun

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