President Yoon Suk Yeol is expected to deliver a New Year's Day speech to be broadcast live nationwide on his major policy plans for the coming year, his aides said Sunday.

Yoon is positively considering issuing his message for the new year on Jan. 1, an official at the presidential office said. A related schedule will likely be fixed through the president's weekly meeting with his senior aides on Monday.

If the event is held, Yoon is expected to use it to reveal his major policy direction and vision for 2023, especially ways to deal with growing economic woes and a reform drive in his second year in office.

Yoon has pledged reforms on South Korea's pension, labor and education systems. (Yonhap)