Rep. Kim Sang-hoon, second from left, the top policymaker of the ruling People Power Party, and Rep. Jin Sung-joon, third from left, the main opposition Democratic Party of Korea's chief policymaker, speak to reporters after a closed-door policy meeting at the National Assembly in Seoul, Nov. 13. Yonhap

The ruling and main opposition parties agreed Wednesday to pass a bill on doubling the ceiling of bank deposits protected by law at an upcoming parliamentary plenary meeting.

Rep. Kim Sang-hoon, the top policymaker of the ruling People Power Party (PPP), and Rep. Jin Sung-joon, the main opposition Democratic Party of Korea (DPK)'s chief policymaker, said the parties reached the agreement to raise the maximum amount guaranteed in deposits to at least 100 million won ($71,184) per individual from the current 50 million won.

The decision follows calls for the current ceiling, which has been in place since 2001, to better reflect the growth of the country's economy.

The two sides will also seek to pass over 70 bills at the plenary session on Thursday, including a revision of a bill on promoting the semiconductor and artificial intelligence industries. (Yonhap)