1. The Republic of Korea and Luxembourg, after working-level meetings on the bilateral agreement on social security in Luxembourg from June 14 till 16, reached agreement on the text and initialed it on June 16.

2. The agreement, when in force, will exempt Korean enterprises and workers dispatched to Luxembourg as well as Korean businesspeople in Luxembourg from paying social insurance premiums to Luxembourg for a maximum of five years.

3. For those whose aggregated periods of pension payments in the ROK and Luxembourg fall short of the requirement, the agreement will enable the aggregation of the period of pension coverage in the ROK and Luxembourg as well as third countries, which the two countries both have concluded social security agreements with, thereby offering Korean workers more benefits in terms of pension entitlement.

4. Going forward, the ROK government will proactively seek social security agreements with more countries in order to prevent Korean companies and workers overseas from shouldering double social insurance premiums, to enable the aggregation of the period of pension coverage and thereby to improve their pension entitlement.


* unofficial translation