The government is tightening Korea’s national pension rules after a loophole was found that let some foreign residents secure old-age benefits. It will restrict retroactive payments to nationals of countries that offer similar treatment to Koreans, and it already changed how foreign residents’ stay periods are counted. President Lee Jae Myung ordered countermeasures after a report on the issue, and the health ministry said only one of three identified foreign applicants currently receives a pension.
The office of the National Pension Service in Songpa District, Seoul / Korea Times file
The government is tightening regulations on the national pension following concerns that a legal loophole could let foreign residents unfairly secure old-age pension benefits.
It is considering limiting a retroactive payment system only to foreign nationals whose countries also provide reciprocal measures to Koreans in those nations.
The controversy emerged recently as some foreign nationals were found to have applied for the retroactive payment system in the national pension scheme.
