The June session of the National Assembly is likely to see the country’s two main political parties clashing over economic democratization and labor issues.

The two parties’ floor leaders agreed on Sunday to open the 30-day session on June 3 and to hold three plenary meetings.

Although the ruling Saenuri Party and the main opposition Democratic Party are in general agreement over economic fairness issues, the two sides are likely to clash with each focusing on different aspects of such measures.

One of the key issues is measures to prevent those in positions of power such as franchise operators from mistreating their agents.

While both Saenuri and Democratic lawmakers have proposed related laws, the ruling party is focusing on promoting cooperation and shared growth among those in such relationships, the opposition is concentrating on protecting the weaker party.

The issue of changing the Trade Union and Labor Relations Adjustment Act to include bonuses in wages is also likely to cause friction between the parties.

While labor unions support the plan, businesses are opposing the measure saying that the change will increase the burden on their operations.

As for the political parties, the ruling party is taking a cautious approach calling for more negotiations, while Democratic floor leader Rep. Jun Byung-hun has stated that take the issue as a “core agenda” in the June session.

In addition, the Democratic Party’s Rep. Hong Young-pyo is set to propose revised version of the Labor Standards Act stipulating bonuses as being part of normal wages next month.

A revision of the same act that will reduce the total working hours is also likely to provide some contention between the ruling and opposition parties.

Aside from labor- and economic democratization-related measures, matters surrounding a new law to apply tighter control over financial companies will likely be one of the key points in the June session.

Under the plans, largest shareholders of non-banking financial companies such as insurance and credit card companies will be subjected to an eligibility review.

At present, the measure is applied only to the largest shareholders of banks.

In addition, the proposed law seeks to increase the responsibilities and independence of financial firms’ board of directors.

The June session will also see the parties discuss revising the Financial Holding Companies Act to limit the proportion of a bank’s stake that non-financial companies can hold to 4 percent. At present the ceiling is placed at 9 percent. In addition, the measures to prevent savings banks from being abused for the personal gains of their major shareholders and strengthening regulations on large non-bank lenders will also be reviewed.

By Choi He-suk (cheesuk@heraldcorp.com)