The Korean social security system provides a wide range of benefits including retirement,
survivors and disability benefits. To qualify for Korean benefits, a worker must meet
minimum coverage or recency-of-work requirements that vary depending on the type of
benefit. Aside from government workers and those enrolled in occupational pensions,
all citizens between the ages of 18 and 60 are required to enroll in the National
Pension Service (NPS). The NPS provides lifetime coverage for individuals when they
reach an eligible age and when they fulfill their 10-year contribution payment requirement.
The Korea social security system has three components:
Social welfare service.
Social security benefits include: national pension, national health insurance, employment
insurance, and workers' compensation insurance. These social insurance schemes protect
and secure people's income, health and employment. Foreigners who live and work in
the country can subscribe and contribute to all four benefits. They may receive the
same benefits as Korean nationals; this coverage is also extended to their dependents.