The ruling People Power Party(PPP) is set to form a "working-level" emergency steering committee tasked to prepare for a party convention as early as in June following its crushing defeat in last week's general elections.

The decision was reached during a general meeting of the PPP's lawmakers-elect for the 22nd National Assembly on Tuesday.

Following the meeting, PPP floor leader and acting chief Yun Jae-ok said the participants have agreed for a swift launch of the interim leadership to bring the party together after the election loss.

A decision has reportedly been made to hold primaries to elect a new party floor leader under the 22nd Assembly before May 10 at the latest.

Attendees at Tuesday's meeting also decided to merge the PPP with its satellite People's Future Party for a combined 108 parliamentary seats under the next parliament.