Cheong Wa Dae, the government and the ruling party agreed Sunday to draw up specifics to spur the implementation of a trilateral commission's recent deal on labor reform within this year, officials said.

Last Sunday, representatives from labor, management and the government reached a last-ditch agreement that would allow companies to dismiss workers who are either negligent or underperforming.

The deal also includes the adoption of a wage peak system, which calls for gradual pay cuts for senior workers nearing retirement.

Officials from the presidential office, the government and the ruling Saenuri Party agreed earlier in the day to come up with relevant administrative measures needed to implement the deal this year.

For the deal to take effect, the legislative procedures remain with the government vowing to complete the process by the end of the year.

"Labor reform cannot be delayed for economic growth and job creations for youths," Won Yoo-chul, floor leader of the ruling party, told reporters. "The ruling party, the government and the presidential office agreed to closely collaborate on the drive for labor reform this year."

President Park Geun-hye has made easing labor regulations a top priority policy goal for the second half of her presidency.

The government said that the reforms will increase labor flexibility in a country where job creation is the top priority amid the protracted economic slowdown.

Currently, companies can terminate an employee's contract only when they are either involved in corruption or an embezzlement case. Firms are also permitted to lay off a number of workers should they face serious financial difficulty.

But the labor circle opposes the deal, claiming that such reforms would jeopardize job stability.

The Korean Confederation of Trade Unions, one of the country's two umbrella labor groups, has vowed to stage a general strike on Wednesday in protest against the trilateral deal. The KCTU was not part of the trilateral committee. (Yonhap)