The National Pension Scheme is a Social Security System implemented by the Government to ensure the stable livelihood by collecting contributions and paying pension benefits for
the insured or their dependents, to prepare for retirement or unexpected calamities such as
disability and death.
▶Foreigners aged between 18 and 60 residing in Korea are subject to the compulsory
coverage of the National Pension Scheme, the same as Korean nationals. Foreigners whose
countries don’t cover Korean nationals under their public pension schemes, however, are
excluded from coverage under the NPS.
▶ Despite the above provisions, if there are relevant provisions under the Social Security
Agreement between Korea and any foreign countries, those provisions will be applied.
▶ For workers in the workplace, the employees and their employers should make
contributions for the employees amounting to 4.5% of the standard monthly income
respectively, based on the employees’ earned income.
▶ The Individually Insured Persons should make contributions amounting to 9% of their
reported standard monthly income.
※ There is no discrimination in terms of the contribution rate between foreigners and
Koreans. The payment should be made no later than the 10th day of the following month.
#LoiDVlog #NPSCONTRIBUTION #국민연금 #EPS
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