1.         On Monday, October 20, 2003, at the Korea-Japan Summit Meeting in Bangkok, Korean President Roh 
Moo-hyun and Japanese Prime Minister Koizumi jointly announced a successful conclusion of the Korea-
Japan Social Security Pact. 

2.         To date, in the absence of a social security agreement between Korea and Japan, Korean workers 
dispatched to Japan on a short-term basis (i.e. for less than 5 yrs) had to pay into the pension plans of both 
Korea and Japan.  

3.         However, once the Korea-Japan Social Security Pact is finalized and comes into effect after the formal 
signatory procedure, Korean workers stationed in Japan will no longer need to pay premiums to the 
Japanese national pension, which will reduce a total of 15.3 billion KRW in social security fees for Korean 
firms and dispatched workers.  

4.         In addition, the conclusion of the social security pact is seen as a positive measure in further 
enhancing business interchanges between the two countries.  

5.         The Social Security Agreement will come into effect after a review process by the Ministry of 
Legislature, completion of formal domestic signatory procedures, and ratification by the National Assembly.

                                                                     Spokesperson of MOFAT

* unofficial translation