The true length and width of the field can be calculated by correcting for the shortness of the chain. The correction factor is calculated as:
\[
\text{Correction} = \frac{5 \, \text{cm}}{30 \, \text{m}} = 0.00167 \, \text{(short per meter)}.
\]
Thus, the corrected length and width are:
\[
\text{Corrected length} = 542 + (542 \times 0.00167) = 542 + 0.905 = 542.91 \, \text{m}.
\]
\[
\text{Corrected width} = 554 + (554 \times 0.00167) = 554 + 0.925 = 554.93 \, \text{m}.
\]
Now, calculate the true area:
\[
\text{True area} = \frac{\text{Corrected length} \times \text{Corrected width}}{10000} = \frac{542.91 \times 554.93}{10000} \approx 29.94 \, \text{ha}.
\]
Thus, the true area of the field is approximately \( \boxed{29.90} \, \text{ha} \) (rounded to two decimal places).