Pension scheme for Lankan workers in Korea

Rasika SOMARATHNA

Over 20,000 Sri Lankans working in South Korea are slated to come under a pension scheme according to a Memorandum of Understanding (MOU) signed by the two countries on Tuesday, at the Foreign Employment and Welfare Ministry under the patronage of Minister Dilan Perera.

More than 14,000 Sri Lankans who have worked in Korea and have contributed to their national pension scheme are eligible to receive dividends totalling around US $ 36 million under the scheme.

Accordingly each eligible worker is to receive a sum ranging from Rs.250,000 to Rs.300,000 as dividends.

The MOU in this regardwas signed by the Director General of Korean Pensions Department Bae Scong Hoon on behalf of his country and Secretary of Foreign Employment Nissanka Wijeratne on behalf of Sri Lanka.

According to the agreement the Korean authorities are to provide a report consisting details of Sri Lankans eligible to receive pension benefits, every six months. Subsequent to this the ministry would call for applications from the beneficiaries to verify details and then would send the confirmed details back to the Korean Pensions Department before distributing the dividends.