quick Service

The National Pension Service (Chairman and CEO Moon Hyung Pyo, ‘NPS’) announced that it signed two Memorandum of Understandings (MOU) with BPJS, the Social Security Administering Body for Employment of Indonesia, on July 29 at the International Conference Room of the NPS.

The MOUs were about Reception of the Application for Benefits, as well as Future Cooperation between the two agencies.

First, the purpose of the MOU for benefits is to allow a person who has returned to their home country to apply for benefits conveniently and to resolve issues regarding unpaid lump-sum refunds. This MOU will also reduce costs and processing period by eliminating notary fees as well as embassy verification procedures, when claiming benefits.

Second, under the MOU for future cooperation, both agencies agreed to exchange information on pension-related legislations; establish and strengthen cooperation and mutual contact; conduct joint planning of related training programs and research. This MOU is expected to contribute to both countries’ pension schemes and build a comprehensive and long-term partnership between the NPS and the BPJS, which has visited the NPS on a regular basis since 2009 to benchmark its expertise in pension scheme operations.

The NPS explained that it will sign more MOUs for future cooperation with other countries in the Asia-Pacific region in order to share its experience and knowledge pension schemes and to achieve inclusive growth in the region while seeking opportunities to sign MOUs for benefits to provide convenience and protect rights of both foreign nationals working in Korea and Korean nationals working overseas.