Rival camps have agreed in principle to establish a special parliamentary committee on pension reform.

Ruling People Power Party floor leader Kweon Seong-dong and his counterpart in the main opposition Democratic Party, Park Chan-dae, reached the agreement Wednesday after a meeting chaired by National Assembly Speaker Woo Won-shik. 

The ruling party’s deputy floor leader Park Hyeung-soo told reporters after the meeting that the matter will be discussed Friday during the second meeting of a consultative body on state affairs attended by Woo, Kweon, Park and acting President Choi Sang-mok.

The People Power Party had called for the special committee to discuss both parametric and structural reforms to the national pension system. 

The Democratic Party wants the parliamentary health committee to focus on parametric reforms but remains open to discussing ways to revamp the structure of the pension system.