1. The ROK and Finland held their second working-level meeting on the bilateral Social Security Agreement at the Foreign Ministry on December 2-3. At the meeting, the two sides agreed on the text of the Agreement and initialed the Agreement.

o The ROK delegation, led by Director for Economic Cooperation Lee Tae-won of the Foreign Ministry, consisted of eight relevant officials from the Foreign Ministry, the Ministry of Health and Welfare, the Ministry of Employment and Labor, the National Pension Service, and the Korea Workers’ Compensation & Welfare Service. The Finnish delegation, led by Director-General Outi Antila of the Ministry of Social Affairs and Health, comprised five officials dealing with Finland’s pension fund.

2. In the meeting, the two sides decided to exempt Korean workers dispatched to Finland from Finnish pension contributions for five years to prevent double payment, which has been a major concern for Korean companies, and allow them to extend the period of exemption, if agreed. The two sides also reached an agreement on key outstanding issues, including applying the exemption not only to dispatched workers but to self-employed people and allowing payment of wages overseas.

3. If the ROK-Finland Social Security Agreement takes effect, it will save Korean companies and employees about 160 million won of insurance premiums per year, thereby lessening their burden.

o In addition, the Agreement will allow Korean workers dispatched to Finland to receive pensions based on the total subscription periods in both countries, thereby improving their right to receive pensions.

4. In a bid to improve convenience related to pension for Korean companies and workers in Finland, the ROK government will actively move ahead with domestic procedures so that the Agreement can come into effect as soon as possible. 

                   Spokesperson and Deputy Minister for Public Relations of MOFA

*unofficial translation