1. Ambassador of the Republic of Korea to the Argentine Republic Lim Ki-mo, together with Minister of Foreign Affairs and Worship of Argentina Jorge Faurie, signed the Republic of Korea-Argentine Republic Agreement on Social Security on November 27.

° The Agreement will be brought into force after the two countries complete respective procedures, including winning parliamentary ratification.  

2. The ROK-Argentina Agreement on Social Security, when in force, will exempt Korean nationals dispatched to or self-employed in Argentina from paying social insurance premiums in their host country for the first three years (extendable for another two years when agreed). As such, it is expected to reduce social insurance premium burdens shouldered by Korean workers and enterprises in Argentina.

° In addition, for those Koreans who have joined a pension scheme in Argentina, the Agreement will allow the totalization of the period of pension coverage in their home and host countries, which is expected to improve their pension entitlements.

3. Going forward, the ROK government will seek social security agreements with more countries in order to prevent Korean companies and workers overseas from paying double pension insurance premiums, to enable the aggregation of the period of pension coverage and thereby to improve their pension entitlements.

※ As of November 2018, the ROK has concluded social security agreements with 37 countries, including Argentina, out of which those concluded with 32 countries are in force.

* unofficial translation