Vietnam and South Korea signed Bilateral agreement on social insurance

09:43 AM 2021-12-16

(LĐXH)- On December 14, in Seoul, South Korea, under the witness of National Assembly Chairman Vuong Dinh Hue, Deputy Prime Minister Le Minh Khai and leaders of National Assembly agencies, Minister of Labour, Invalids and Social Affairs of Vietnam (MoLISA) Dao Ngoc Dung and South Korean Minister of Health and Social Welfare Kwon Deok Cheol signed a Bilateral agreement on social insurance between the two countries.

Signing ceremony for the agreement. This is the first agreement between Vietnam and South Korea on social insurance.

Vietnam and South Korea have established a strategic cooperative partnership. Cooperation between the two countries has been developing increasingly in all fields, including labour and employment.

The number of Vietnamese workers going to work in South Korea and vice versa is increasing.

They are both obligated to comply with the laws of both countries. Their legitimate rights and interests are also protected by the laws of the two countries, including the right and obligation to participate in social insurance.

From that fact, in order to protect the interests of workers and implement the two countries' laws on social insurance, the Government of Vietnam and the Government of South Korea have negotiated a bilateral agreement on social insurance.

MoLISA affirms that employees will not pay social insurance twice and the time of social insurance payment will be mutually recognized by both parties by this agreement.

The benefits that employees enjoy when they retire will be based on their time and level of contribution to the social insurance fund of each country.

The calculation formula is regulated by the laws of Vietnam and South Korea./.

Hong Minh

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