The Minister for Social and Family Affairs has signed a Bilateral Agreement on Social Security with the Republic of Korea, the main purpose of which is to protect the pension rights of migrant workers who move between Ireland and the Republic of Korea.

According to the Department press release, the Agreement will allow social insurance contributions paid in one country to be counted towards certain benefits in the other country. The Agreement covers State pensions (contributory) and (transition), widows’ pensions, guardians (contributory) payments, invalidity pensions, and the equivalent payments in the Republic of Korea.

The Agreement will ensure the protection of the pension rights of workers from both territories in the event of widowhood, old age or invalidity if they have periods of social insurance in both countries.

According to Minister Cullen, the arrangement aims to enhance Ireland's attractiveness for Republic of Korean companies to invest in business here, and similarly facilitate Irish companies who wish to develop subsidiary enterprises in the Republic of Korea.

The Agreement is expected to be brought into effect next year.