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.
