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FREQUENTLY ASKED QUESTIONS (FAQ): RP-ROK AGREEMENT ON SOCIAL SECURITY



Q1: Will the Employment Permit System (EPS) workers continue to be covered under the Korea National Pension Scheme (NPS) ? Ans. Upon implementation of the Agreement, EPS workers will not be covered under the NPS and instead be covered by the Philippine Social Security System (SSS). However, they will continue to be entitled to the following short term benefits during their period of deployment, as agreed upon under the Memorandum of Understanding (MOU) between the Philippines and Korea : 1. Accident Compensation Insurance 2. National Health Insurance 3. Employment Insurance


Q2: What will happen to the contributions made by EPS workers to the NPS upon implementation of the Agreement ?

Ans. The contributions made by EPS workers will remain with the NPS and there will not be any transfer of funds to the SSS. Instead of a lump-sum refund of contributions, these contributions will used in the determination of future retirement, disability or death benefits applying the total benefits provision of the Agreement. Under the Agreement, creditable periods of coverage under the NPS and SSS will be combined for purposes of determining eligibility of benefits. NPS and SSS will each pay benefits to the extent of contributions under their respective schemes. EPS workers who have made contributions to the NPS are entitled to receive pro-rata pension.

Q3 : What is the benefit of coverage under the SSS?

Ans. SSS membership provides continuity of coverage even after employment in Korea and workers are ensured of protection against long-term contingencies such as retirement, death and disability. EPS workers will shoulder the entire contribution amount of around US$ 28 under the Philippine SSS, which would be lower than the employee share under the Korean NPS. This is because of the lower ceiling on covered earnings ( i.e. up to US$ 300 only as compared to US$ 3,700 under the Korean NPS). The SSS thinks of the best interest of overseas workers in social security agreements.

Q4. What happens to the membership of the worker after he leaves Korea?

Ans. Upon the return to the Philippines, the worker can continue SSS membership as a voluntary member and choose a monthly contribution amount within one’s capacity to pay.

Q5. How can EPS workers make their monthly SSS contributions?

Ans. The SSS-accredited collecting bank with presence in Korea is Metrobank. Arrangements are now being made to enable its branch to start collecting SSS payments in Korea.

Q6. Can EPS workers choose to make monthly contributions in the Philippines?

Ans. Yes. Payments coursed through relatives in the Philippines may be made through any of the 87 SSS branches with tellering facilities, 118 accredited collecting banks/bank branches, CIS Bayad Center and its accredited agents or SM malls.

Q7. How can EPS workers whose contributions will be retained by Korea NPS make a claim upon retirement age?

Ans. EPS workers need not go to Korea to file a claim. Under the Administrative Arrangements, claims may be filed through SSS as the liaison agency in the Philippines. SSS shall forward all claims to Korea NPS.

Q8. At present, SSS membership for OFWs is not mandatory and only EPS workers who choose to enroll voluntarily may make contributions. What happens to the other EPS workers who are not SSS members?

Ans. Once the Agreement is ratified or approved by the Philippine Senate, the Agreement shall have the effect of a law that will make SSS coverage of EPS workers in Korea mandatory. It means that all EPS workers will have to be covered by the SSS and they are required to make monthly contributions.

Q9. What is the existing policy of the Government of Korea on coverage under NPS and lump sum refund of contributions?

Ans. Contributions to the NPS are intended to fund a worker’s retirement, death or disability pension. Therefore, such savings should be used for the purpose they serve. Any refund of contributions is granted only to citizens of countries granting also a refund of contributions to Korean workers in their own country. The Philippines does not give refund of contributions. Therefore, there is no reciprocal effect in the Philippines. Korea may stop the refund, even without the Agreement.

Q10. What is the status of the Agreement ?

Ans. The Agreement is still pending with the Committee on Foreign Relations, Senate of the Philippines. There is no schedule yet of any public hearing to discuss the provisions of the Agreement. xxx

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