1. The Agreement on Social Security between the Government of the Republic of Korea and the Government of the Grand-Duchy of Luxembourg will enter into force on September 1.

2. The Agreement, when it enters into force, will exempt Korean workers dispatched to Luxembourg from paying social insurance premiums to Luxembourg for five years (extendable when agreed),lightening their insurance premium burdens.

3. For those who are not eligible for pension benefits due to their shorter-than-required periods of pension coverage, their periods of pension coverage in the ROK and Luxembourg can be totalized, improving their pension entitlements.

° For those whose totalized periods of pension coverage still fail to meet the requirement for pension entitlements, their periods can be aggregated with those completed in a third country, provided the ROK and Luxembourg both have concluded a bilateral social security agreement with that third country that stipulates the totalization of periods of pension coverage.

° Even if the periods of pension coverage are totalized, the pension amount to be paid will be calculated in line with the periods of pension coverage completed in each country.

4. With the entry into force of its social security agreement with Luxembourg, the ROK has social security agreements with a total of 34 countries in effect. Going forward, the ROK government will continue to actively seek the conclusion of social security agreements in order to boost people-to-people and material exchanges with foreign countries; to relieve insurance premium burdens shouldered by Korean workers and enterprises in those countries; and to improve their pension entitlements.

5. For more details about the ROK-Luxembourg Agreement on Social Security, including applying for certificates to be exempted from paying social security premiums to Luxembourg as well as for pension benefits from the country, please call the International Cooperation Center at the National Pension Service at 02-2176-8700.