Peru, Korea ink social security agreement

Peru and South Korea have entered an agreement on social security, which constitutes an important step towards deepening ties between both countries, Peru's Foreign Affairs Ministry affirmed.

The document was signed by Foreign Affairs Minister Ricardo Luna and South Korean Ambassador to Peru Keun Ho Jang, a month after the 64th anniversary of bilateral relationship.

Negotiations on the Administrative Agreement —an essential instrument for the implementation of the Agreement on Social Security— were successfully concluded on Wednesday.

With the signing, Peruvian and South Korean retirement savings will be recognized in both countries, thus allowing individuals to pool together their pension payments.

The deal also allows the transfer of retirement, survivor and disability pension funds to bank accounts in Peru, South Korea or a third country, depending on the place of residence.

This is the first time Peru signs a social security agreement with an Asian nation, and constitutes an opportunity to negotiate with other countries in that continent, fostering conditions conducive to investments and the protection of immigrants. 

Prior to the ceremony, Mr. Luna met Ambassador Keun Ho Jang and Director for Legal Affairs at the Ministry of Foreign Affairs Kim Byung-jun. The meeting underlined the high level of relations and the support Peru has received from South Korea so far.

During the gathering, Korean Ambassador thanked Peru's position on the ballistic missile launched by the Democratic People's Republic of Korea from the Banghyon air base on February 12.