Pensions agreement signed with S Korea

An agreement has been signed between Ireland and South Korea to protect workers’ pension rights.

Similar social security agreements are already in place between Ireland and the US, Australia, Canada and New Zealand.

Social and Family Affairs Minister Mary Hanafin said the deal will enable people who have paid social insurance in both Ireland and Korea to receive full pension entitlements.

The Republic of Korea is the 13th largest economy in the world and a leader in the new technologies sector.

“This social security agreement will enhance Ireland’s attractiveness for Korean companies to invest here and will similarly facilitate Irish companies who wish to develop subsidiaries in the Republic of Korea,” said Ms Hanafin.

It is estimated that there may be about 200 Irish citizens currently employed in the Asian country, mainly as language teachers. Up to 250 Koreans are working in Ireland.

PA