The Decision No. 436/QĐ-TTg approving the implementation plan of the Bilateral Agreement on Social Insurance between Vietnam and the Republic of Korea consists of the following noteworthy contents:
- Objectives of the Bilateral Social Insurance Agreement between Vietnam and South Korea:
The agreement aims to avoid dual coverage of social insurance (BHXH) for Vietnamese and South Korean citizens at the same time. Accordingly, citizens of both countries only need to pay social insurance in one country. The agreement between Vietnam and South Korea is implemented on the principle of equal treatment. Specifically, citizens of one country, when working in the territory of the other country, are treated equally as the citizens of the host country.
- Applicable subjects of the Bilateral Agreement on Social Insurance: The agreement applies to workers from both Vietnam and South Korea, specifically:
- Vietnamese workers who go to South Korea for employment.
- South Korean workers who come to Vietnam for employment.
The provisions of the agreement are based on Vietnam’s 2014 Law on Social Insurance and South Korea’s National Pension Law. The agreement applies to the retirement and survivorship regimes of workers.
- Benefit entitlements:
The determination of conditions for contributions, entitlements, and disbursement of social insurance benefits are based on the period and amount of contributions made by workers (Article 4 of the agreement). The calculation formula is specified by the laws of each country (Article 10 of the agreement). The condition for determining the entitlement of a worker to receive a pension will consider the total period of participation in social insurance contributions in both Vietnam and South Korea.
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