New Regulations Require Companies to Deposit Severance Pay Reserves with the Government, Effective 2027.
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4 Articles
Companies are required to deposit severance pay reserve funds starting in 2027. This is to reduce the risk of companies failing to pay severance pay to laid-off employees.
https://www.law-justice.co/detail.php?ID=213569The Ministry of Manpower (Kemnaker) revealed the government's plan in the near future to appoint an institution as the manager of the Severance Pay Reserve Fund (DCP).
The Ministry of Manpower requires companies to establish a severance pay reserve fund managed by a government agency. Companies are given a transition period until October 2027.
The Ministry of Manpower has given companies until October 2027 to transfer the management of severance pay funds to the Severance Pay Reserve Fund.
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