Vietnam - Korea signed an Administrative Agreement to implement the Agreement on Social Insurance

Vietnam - Korea signed an Administrative Agreement to implement the Agreement on Social Insurance
10/01/2024 03:39 PM 223 view

    Deputy Ministers of Labor, War Invalids, and Social Affairs, Nguyen Ba Hoan, and Health and Welfare of Korea, Kim Hyejin, executed an Administrative Agreement on December 8, 2023, in Korea. The purpose of this agreement is to put into effect the social insurance agreement between the government of the Socialist Republic of Vietnam and the government of the Republic of Korea.

    Before that, on December 14, 2021, in Seoul, Korea, Vietnamese Minister of Labor, War Invalids and Social Affairs Dao Ngoc Dung and Korean Minister of Health and Welfare Kwon Deok Cheol signed a bilateral cooperation agreement on social insurance, which was authorized by the governments of the two countries.  This is the inaugural bilateral agreement concerning social insurance between Vietnam and another nation, as well as the first bilateral agreement between the two nations in this particular domain.

     

    Nguyen Ba Hoan, Deputy Minister of Labor, Invalids and Social Affairs, and Kim Hyejin, Deputy Minister of Health and Welfare of Korea, executed an administrative agreement between the aforementioned ministries with the purpose of executing the Social Insurance Agreement between the two governments.
    Nguyen Ba Hoan, Deputy Minister of Labor, Invalids and Social Affairs, and Kim Hyejin, Deputy Minister of Health and Welfare of Korea, executed an administrative agreement between the aforementioned ministries to execute the Social Insurance Agreement between the two governments.

    The competent authorities of both nations have approved the Agreement, and the Foreign Ministries of both parties have communicated to one another regarding the conclusion of internal procedures necessary for the Agreement to enter into force formally on January 1, 2024. Today's signing of the Administrative Agreement is a significant step toward providing the implementing agencies of the two countries with specific regulations and solutions for implementing the Agreement in accordance with the principles and contents signed between the two countries. The government simultaneously guarantees the utmost convenience for state management agencies, businesses, and employees on both sides of the implementation process. The administrative agreement takes effect on the same date and within the same validity period as the signed Agreement.

    During the more than 30 years of establishing diplomatic relations, the Vietnam-Korea cooperative relationship has developed rapidly and made outstanding and profound progress in many aspects, with important milestones ranging from the Comprehensive Partnership in 2001 to the Strategic Partnership in 2009 and the Comprehensive Strategic Partnership in 2022. The relationship between the two countries is increasingly strengthening, including labor movements and people-to-people exchanges. Presently, approximately 200,000 Koreans reside and work in Vietnam, while 250,000 Vietnamese individuals reside and work in Korea.

    The ratification of the bilateral social insurance agreement between Korea and Vietnam signifies the two governments' commitment to addressing pressing concerns and fostering conducive environments for labor mobility, among other objectives.

    As of January 1, 2024, the implementation of the Agreement and Administrative Agreement will establish advantageous circumstances for workers from both nations when they relocate to work on the territory of the other. This will include safeguarding social insurance benefits for employees of both countries and implementing regulations to prevent double payment of social insurance. Furthermore, employees of both nations will have their time spent participating in social insurance in both countries cumulatively calculated. Utilizing Korea and Vietnam as benchmarks for calculating retirement benefits.

    The competent State agencies of both parties have formally designated the Vietnamese Social Insurance and the Korean National Pension Agency as the primary beneficiaries of the agreement's implementation by signing the Administrative Agreement.  Regarding retirement and death benefits in accordance with Vietnam's Social Insurance Law and Pension Law, the provisions of the Agreement seek to materialize the principles and regulations that the governments of the two countries agreed to in the Agreement. The principle of equal treatment for Vietnamese and Korean workers working in the territory of the other country, as with citizens of the host country, is applied when determining the terms and conditions for payment, enjoyment, and payment of social insurance benefits.

    Upon implementation, the Administrative Agreement are anticipated to fulfill the aspirations and anticipations of a substantial proportion of enterprises and employees from both nations.

    Source: https://baohiemxahoi.gov.vn/tintuc/Pages/linh-vuc-bao-hiem-xa-hoi.aspx? ItemID=22059&CateID=168 

    whatsapp
    Hotline