A social security agreement between Korea and New Zealand will enter into force next month, allowing their nationals to use their jobs and residences in both countries to qualify for retirement benefits, Seoul’s foreign ministry said on Monday.
The two sides signed the agreement in October 2019 for those who are not eligible for the pension scheme in each nation due to their shorter than required coverage periods.
Koreans must pay into the national pension scheme for at least 10 years to receive benefits after the age of 65.
New Zealanders must have lived in the country for at least 10 years after reaching the age of 20, five of these years must be from 50 years or older to be eligible for retirement after 65 years of age.
Under the agreement, people who have worked in both countries can sum up their pension subscriptions and residency periods to increase their entitlement to benefits, the ministry said.