Story thread · 4 reports / 2 sources

Korea seeks to toughen pension eligibility for foreign residents as loophole found

koreatimes.co.kr · 13dShare

The government is tightening regulations on the national pension following concerns that a legal loophole could let foreign residents unfairly secure old-age pension benefits. It is considering limiting a retroactive payment system only to foreign nationals whose countries also provide reciprocal measures to Koreans in those nations. The controversy emerged recently as some foreign nationals were found to have applied for the retroactive payment system in the national pension scheme. The retroactive payment system allows both Korean and foreign subscribers to pay missed premiums in one lump sum, covering up to 119 months, to fill contribution gaps. This qualifies them for a lifelong monthly pension once their contribution period exceeds 120 months. Recently, a news outlet reported on a case in which a foreign national worked in Korea for just one month and still secured a lifelong old-age pension by taking advantage of the loophole. Foreign nationals aged 18 to 59 who work at a domesti

First report: NPS chief opposes foreigner-only curbs on pension back payments — koreaherald.com, 15d