Disagreements between the ruling and opposition parties will likely hold up the passage of the government’s extra budget till mid-May, parliamentary sources said Sunday.

The prediction comes as lawmakers had originally agreed to hold a plenary session on May 3 or May 6 to pass the 17.3 trillion won ($15.6 billion) supplementary budget aimed at countering tough economic conditions.

Rep. Park Ki-choon, the floor leader of the main opposition Democratic United Party, told Yonhap News Agency that all sides share the view that it will be difficult to pass the budget early next month. This view was corroborated by a source at the ruling Saenuri Party who said it may be impossible to meet the original deadline. The source, however, hinted that Saenuri may ask for the opening of a “one-point” plenary session to exclusively pass the extra budget.

Both sides have generally reached agreement that government spending needs to be increased in order to properly stimulate the economy, but lingering differences remain over how it should be allocated.

The government made the extra budget proposal earlier in the month, citing the pressing need to mitigate the prolonged economic slump that has gripped Asia’s fourth-largest economy. Of the total, 12 trillion won has been set aside to meet the expected revenue shortfalls, while the remaining 5.3 trillion won is intended to boost the economy. Seoul said it plans to channel the extra budget into areas that have the greatest impact on stabilizing the livelihoods of the people, creating jobs and reviving the economy.

Related to the delay, insiders at the National Assembly said there has been little progress made to review the various details of the budget.

“Only the national defense and health and welfare committees had time to check the budget,” the official, who declined to be identified, said.

He said because speed is of the essence when it comes to passing the extra budget, the ruling and opposition parties need to do more to expedite the review process so as not to adversely affect the economy.

Meanwhile, lawmakers who are unlikely to pass a bill to guarantee another day off when a national holiday falls on Saturday or Sunday during this month’s extraordinary session of parliament, will likely make into law a proposal to increase the retirement age of workers to 60.

Insiders said that the retirement extension bill will be forwarded to the plenary session on Tuesday and should be approved.

The changes call for both the private and public sector to increase the current mandatory retirement by two or four years starting from 2016. However, it advises that a salary peak system be introduced as well, which will limit burden of companies.

On the alternate holiday bill, ruling and opposition parties, faced with stiff resistance from the business community, plan to discuss the matter further in September. (Yonhap News)