Korea-New Zealand social security accord to take effect next month

A social security agreement between Korea and New Zealand will go into effect next month, allowing their nationals to use their employment and residences in both countries to qualify for pension benefits, Seoul's Foreign Ministry said Monday.

The two sides signed the accord in October 2019 for those who are not eligible for the pension plan in each nation due to their shorter-than-required periods of coverage.

Koreans have to make payments to the national pension scheme for at least 10 years to receive benefits after the age of 65.

New Zealanders need to have lived in the nation for at least 10 years after age 20, with five of those years required to be from the age of 50 or older, to become eligible for pensions after the age of 65.

Under the agreement, people who have worked in both countries can sum up their pension subscription and residence periods to enhance their entitlement to benefits, the ministry said.

Yonhap