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The government and ruling party announced on October 29 that external pension reserves will be phased in, starting with workplaces of 100 or more employees in 2028 and expanding to all workplaces by 2030, to prevent unpaid retirement benefits. The plan also includes promoting fund-type retirement pensions, with the labor minister noting that over 500 trillion won in retirement pensions should be developed into a proper retirement income security system. Yonhap reports the mandate will apply to all workplaces by 2030, and the plan follows a February labor-management-government agreement.