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| NPS SIGNS MOU WITH THE SOCIAL FUND OF THE KYRGYZ REPUBLIC | ||||||||||||||
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| Part | 국제업무부 | Date | 2015/10/02 | Hits | 2293 | |||||||||
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NPS SIGNS MOU WITH THE SOCIAL FUND OF THE KYRGYZ REPUBLIC
The National Pension Service (NPS) announced on September 30 that it successfully signed a Memorandum of Understanding with the Social Fund of the Kyrgyz Republic on reception of the application for national pension benefits in order to simplify application procedures for Kyrgyz nationals who returned to their home country without claiming for the lump-sum fund in Korea. The MOU will reduce costs and processing period by eliminating verification procedures by the embassy when claiming benefits in Kyrgyz by air mail.
In addition, the MOU includes a section, stating that both parties will cooperate positively and exchange relevant information (i.e., address of a beneficiary) to ensure that the payment is made correctly to a beneficiary who has acquired the eligibility of the Korean benefits and resides in Kyrgyzstan, in the case the person concerned could not be reached. This will contribute to enhancing the accurate of management of beneficiaries. If a Kyrgyz national returns to his/her home country after holding E-8 (Training employment), E-9 (Non-professional employment), or H-2 (Working visit) in Korea, the person is eligible for a lump-sum refund. Kyrgyzstan became the fifth country to sign an MOU on benefit payment with the NPS, following the first country, Mongolia in 2007. 10,548 persons from countries that signed MOUs with the NPS have received lump-sum refund amounting to approximately KRW 13.93 billion as of the end of May 2015. The NPS said: “We will sign MOUs regarding benefit payment with more countries in order for foreigners to apply benefits conveniently.”
Kyung Sik Kim (left), Director General, International Center of the NPS and Asanov Ulanback (right), Deputy Chairman, Social Fund sign a MOU at the Social Fund in Bishkek on July 30, 2015.
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