South Korea, Slovenia Sign Social Security Agreement

South Korea and Slovenia on Tuesday signed an agreement to ensure provision of social security for their nationals employed in the other country, the foreign ministry said, Yonhap reported

SEOUL,(APP - UrduPoint / Pakistan Point News - 20th Feb, 2018 ) :South Korea and Slovenia on Tuesday signed an agreement to ensure provision of social security for their nationals employed in the other country, the foreign ministry said, Yonhap reported.

Foreign Minister Kang Kyung-wha signed the bilateral pact with Anja Kopac Mrak, Slovenia's minister of labour, family, social affairs and equal opportunities, according to the Ministry of Foreign Affairs.

The agreement exempts for at least five years the two countries' nationals who are working or running businesses in the other's country from having to pay national pension contributions.

During the period in which the workers pay into the national pension in the other country, their payments will be recognized as contributions to their home pension system, the ministry said.

The latest agreement will help strengthen South Koreans' pension rights, it added. The agreement will take effect after getting ratified by the National Assembly. It is South Korea's 35th social security agreement with a foreign country.

"The government plans to forge further social security agreements with other countries to step up our companies and workers' rights to receive pension," the ministry said.