Finland and Korea (Rep.) signed a social security agreement on 9 September 2015, in Seoul. The agreement mainly focuses on pensions and unemployment insurance and includes regulations regarding the so-called posted employees.
Under the agreement, an employee posted by a Finnish employer to Korea is covered by the Finnish earnings-related pension legislation and unemployment insurance during his or her employment in Korea. The coverage applies for a period of five years, at the most. During that period, no pension or unemployment insurance contributions are paid to Korea, according to the agreement. The agreement also adds regulations on paying pension from one contracting state to another, if the pension recipient no longer lives in the state paying the pension, which is already possible under the Finnish earnings-related pension legislation.
The agreement will enter into force after both Finland and Korea complete their internal implementation measures.
