Businesses obliged to subscribe to private retirement pension programs by 2022: finance minister

The government plans to make it mandatory for businesses to subscribe to private retirement pension programs for their workers on a gradual basis between 2016 and 2022, a top government official said Wednesday.

In a meeting of economy-related Cabinet ministers in a Government Complex building in Sejong City, south of Seoul, Deputy Prime Minister for Economic Affairs Choi Kyung-hwan said companies with 300 employees or more will be required to subscribe to those retirement pension programs starting in 2016.

Businesses with smaller workforce will have to subscribe to the programs by 2022, said Choi, who concurrently serves as minister of strategy and finance.

The measure is part of efforts to provide a stronger safety net for retirees, officials said.

Park Sae-jin swatchsjp@ajunews.com

Businesses obliged to subscribe to private retirement pension programs by 2022: finance minister

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