Business / Social insurance

China, ROK sign social insurance agreement

(Xinhua) Updated: 2012-10-30 10:04

BEIJING -- China and the Republic of Korea on Monday signed an agreement on social insurance to avoid dual payment of premiums for pension and employment insurance for Chinese and Korean employees working in either country.

It was the first bilateral agreement on social insurance signed between the Chinese government and a foreign government since China revised its social security law last year to require all foreign workers to make contributions to a pension fund as well as health, employment, industrial disaster and birth insurance.

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Yin Weimin, Chinese minister of human resources and social security, and Lee Kyu-hyung, the ROK's ambassador to China, signed the agreement in Beijing on behalf of the Chinese and Korean governments, respectively.

Both sides agreed to exempt employees dispatched from either country, locally hired workers and public officials from pension and employment insurance payments for up to 13 years to prevent dual payment of social security between the two countries.

The bilateral agreement came after eight months of talks between the two countries.

China has launched bilateral talks with a dozen countries on social insurance agreements following the implementation of the Chinese social insurance scheme, which took effect October 15 last year.

The scheme allows foreigners with work permits in China to receive retirement, unemployment, medical, work injury and maternity benefits just like Chinese citizens.

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