While migrating webpack to latest version from v4 to v5 it throws an error while running

Question

While migrating v4 to v5 webpack I run into the below issue. I have attached my package.json and webpack.config for the reference.

`[webpack-cli] D:\22.05\FORMS-1065\web-application\node_modules\webpack-dev-server\lib\servers\WebsocketServer.js:10
  static heartbeatInterval = 1000;
                           ^

SyntaxError: Unexpected token =
    at Module._compile (internal/modules/cjs/loader.js:760:23)
    at Object.Module._extensions..js (internal/modules/cjs/loader.js:827:10)
    at Module.load (internal/modules/cjs/loader.js:685:32)
    at Function.Module._load (internal/modules/cjs/loader.js:620:12)
    at Module.require (internal/modules/cjs/loader.js:723:19)
    at require (internal/modules/cjs/helpers.js:14:16)
    at Server.getServerTransport (D:\22.05\FORMS-1065\core-ui-application\node_modules\webpack-dev-server\lib\Server.js:1663:28)
    at Server.createWebSocketServer (D:\22.05\FORMS-1065\core-ui-application\node_modules\webpack-dev-server\lib\Server.js:2443:57)
    at Server.start (D:\22.05\FORMS-1065\core-ui-application\node_modules\webpack-dev-server\lib\Server.js:3229:12)
    at processTicksAndRejections (internal/process/task_queues.js:86:5)`