Senate concurs with ratification of social security pact between PH, Korea

The Senate on Wednesday concurred with the ratification of the social security agreement between the Philippines and South Korea.

The senators unanimously voted for the adoption of Senate Resolution 878 a day after it was sponsored in the plenary.

According to Senate foreign relations chairperson Imee Marcos and sponsor of the resolution, the agreement will make Filipinos in South Korea, including their dependents and survivors, eligible for the same social security benefits as those enjoyed by South Korean nationals.

“An export of benefits” will allow qualified Filipinos to continue receiving social security benefits from South Korea even after their resettlement in the Philippines, she added.

Marcos said covered South Koreans who migrate to the Philippines will still be eligible to receive benefits from the South Korean social security system and Filipinos qualified for benefits from the Social Security System (SSS) or Government Service Insurance System (GSIS) may opt to receive their benefits as they leave South Korea.

The agreement also provides for a totalization of insurance periods which will help those who are unable to complete the required and extended insurance period under the South Korean and Philippine social security systems to still qualify for social security benefits from either of the two countries.

Moreover, Marcos said Overseas Filipino Workers (OFWs) who wish to avail of the lump sum refund of their social security payments at the end of their employment contract in South Korea are allowed to do so.

Mutual administrative assistance will allow covered beneficiaries to file their claims with the designated liaison agencies of the Philippines or Korea, according to Marcos.

The agreement was signed by Philippine and South Korean officials in 2019.—RF, GMA Integrated News