The ruling People Power Party(PPP) proposed a two-year extension to the grace period of a workplace accident law for businesses with fewer than 50 employees while accepting the opposition’s precondition to establish a state agency on industrial safety two years later.

Following an emergency party meeting on Thursday, PPP floor leader Yun Jae-ok said the proposal for the Serious Accidents Punishment Act was made during a meeting with his main opposition Democratic Party(DP) counterpart Hong Ihk-pyo Wednesday afternoon.

The floor leader said the proposed agency would oversee prevention and support for businesses rather than inspection or investigation.

He added that the DP is expected to finalize its position after a general meeting of its Assembly members, and if approved, the extension could be handled during Thursday's plenary session.

The floor leader said the matter was discussed at length between PPP interim chief Han Dong-hoon, Presidential Chief of Staff Lee Kwan-sup and senior presidential secretary for political affairs Han O-sub earlier this week.