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Australia-Korea Social Security Agreement
Thousands of Australians who have worked in Korea and paid contributions to the Korean pension scheme will benefit from the recently-signed Australia-Korea Social Security Agreement. When the agreement commences later this year, Australians who are working or have worked in Korea will be able to receive a lump-sum refund of their social security contributions or have access to a Korean old-age pension.
Under the agreement, Korea has agreed to refund contributions made by Australian nationals, in much the same way Australia refunds Superannuation Guarantee contributions for non-residents who have worked for a temporary period in Australia.
The refunds will benefit those who have worked in Korea for only a few years and who would not be eligible for a Korean old-age pension, such as English language teachers. Lump-sum refunds will be retrospective.
The agreement will also help former Australian residents of age pension-age living in Korea, who will be able to claim a pension without having to return to Australia.
In addition, the agreement will mean people who are sent to work temporarily in Australia or Korea won’t have to contribute into two social security systems.
These provisions will reduce costs for business in both countries and promote closer economic relations between Australia and Korea.
The Australian Government is committed to maximising the retirement income of people who have lived and worked in other countries through its network of social security agreements.
Australia has social security agreements in place with Austria, Belgium, Canada, Chile, Croatia, Cyprus, Denmark, Germany, Ireland, Italy, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovenia, Spain and the USA. An agreement with Switzerland has also been signed but has not yet come into force.
Commencement of the Australia-Korea Agreement
The Australia-Korea Social Security Agreement was signed on 6 December 2006. The Korean National Assembly ratified the social security agreement on 27 April 2007 and the two governments approved an administrative arrangement for the implementation of the agreement on 14 December 2007. The agreement is scheduled to commence later this year, subject to both countries completing all the necessary legislative and administrative processes.
Making a Claim
Information on how Australians can make claims under the agreement and relevant forms will be available through the Centrelink website (www.centrelink.gov.au) once the agreement comes into force. The Embassy will also provide updates as they become available.
The text of the agreement can be found at:
http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm