Seoul, South Korea – South Korea's ruling and opposition parties have reached a consensus on a number of key legislative reforms, including a significant increase in deposit insurance coverage.

Kim Sang-hoon, policy chief of the People Power Party (PPP), and Jin Sung-jun, policy chief of the Democratic Party, announced on Wednesday that they had agreed to push for the passage of over 70 bills during the current legislative session.

One of the most significant agreements is to raise the deposit insurance coverage from 50 million won to 100 million won. This move is aimed at providing greater protection to depositors in the event of a bank failure.

Other bills that have been agreed upon include amendments to the Microfinance Business Act, which would increase the minimum capital requirement for microfinance companies, and the Construction Act, which would strengthen safety regulations for building alterations.

Both parties also agreed to prioritize the passage of the National Grid Expansion Act, the Military Personnel and Civil Servants Disaster Compensation Act, and the Youth Crisis Support Act.

While there was a consensus on many bills, some issues still require further discussion. These include the Child Care Support Act, the Low-Income Financial Support Act, the Agricultural Disaster Countermeasures Act, and the Disaster Insurance Act.

The ruling party has also proposed bills to strengthen the competitiveness of the semiconductor industry, promote the development of artificial intelligence, and reorganize the government. The Democratic Party has expressed support for these bills, but has conditioned its support for the government reorganization bill on the appointment of a female minister for gender equality.

The two parties have agreed to prioritize the bills that they have reached a consensus on and will send them to the relevant standing committees for review. Some of the agreed-upon bills are expected to be brought to a plenary session as early as Thursday.