Rival parties agreed Tuesday to conduct a 100-day parliamentary investigation into alleged irregularities in overseas resources development projects carried out under the administration of former President Lee Myung-bak.

   Earlier this month, the ruling Saenuri Party and the No. 1 opposition party, New Politics Alliance for Democracy, agreed to launch an investigation into allegations the Saenuri-affiliated Lee government in office from 2008-2013 spent tens of billions of dollars on various natural resources development projects overseas with few results.

   The probe will begin after the parties pass a proposal for the investigation through the National Assembly on Monday. It can later be extended by up to 25 days, the parties said.

   Under the earlier bipartisan deal, the parties will also form a parliamentary committee and a body for "grand social compromise" to discuss incumbent President Park Geun-hye's proposal to reform the pension program for civil servants.

   The committee will operate for 100 days with a maximum extension of 25 days, while the body for compromise will be launched by next Tuesday and run for 90 days, the parties said.

   Public servants have expressed strong opposition to the government's plan to address its growing pension deficit through higher contributions and lower entitlements. (Yonhap)