Labor groups and business representatives have failed to reach a consensus on next year’s minimum wage by the legal deadline for negotiations.

The minimum wage committee, which consists of the leaders of labor, management and government intermediaries, held its seventh meeting this year at the Government Complex in Sejong on Tuesday and held talks on the level of next year’s minimum wage until the early hours of Wednesday, but failed to reach a conclusion.

Under current law, the labor and management were required to agree on next year’s minimum wage by Tuesday midnight, or 90 days after the labor minister requested the committee to review the matter.

Labor groups had demanded a 65-point-eight percent hike in minimum wage to ten-thousand won from the current six-thousand-30 won, while the management had called for a freeze.

The two sides, however, plan to resume the negotiations during an eighth meeting slated for Monday.

If they are able to reach a consensus 20 days before August fifth, the day when the Labor Minister is supposed to announce next year’s minimum wage, the agreement will still be effective, despite surpassing the deadline.