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The government and ruling party announced on Oct. 29 that all workplaces must externally reserve retirement benefits by 2030, starting with firms of 100 or more employees in 2028, to prevent unpaid severance. The plan also expands fund-type retirement pensions managed by professional institutions, with the labor minister noting the goal is to develop the over 500 trillion won retirement pension system into a proper old-age income guarantee framework. Yonhap reports the mandate will be phased in across all businesses by 2030, with legislation expected within the year.