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South Korea's government and the ruling Democratic Party agreed on Oct. 29 to make it mandatory for all workplaces to deposit retirement severance funds outside the company by 2030, starting with workplaces of 100 or more employees in 2028. The plan, announced after a party-government meeting, aims to prevent unpaid severance and strengthen the retirement pension system, which exceeds 500 trillion won, according to Yonhap and Dong-a Ilbo. The government will also expand 'fund-type' retirement pensions managed by professional institutions. Labor Minister Kim Young-hoon said the move is to 'reduce workers' unpaid costs' and develop retirement pensions into a proper old-age income security system.