Labor and business have yet to reach an agreement on next year's minimum wage.

South Korea's Minimum Wage Commission, comprising 27 people representing the public interest, workers and employers, held a session on Wednesday to discuss proposals presented by labor and management. 

The participants held marathon talks early into the morning hours both Wednesday and Thursday, but failed to reach a compromise.

As a result, commission chief Park Joon-sik asked the labor and business sides to come up with revised proposals and the commission plans to resume negotiations with a plenary session next Tuesday.

The business sector proposed cutting the minimum wage four-point-two percent to eight-thousand won next year, while labor is calling for a 19-point-eight percent increase, to ten-thousand won.

South Korea hiked the minimum hourly wage by 16-point-four percent to seven-thousand-530 won in 2018, which was followed by another ten-point-nine percent hike to eight-thousand-350 won this year. 

President Moon Jae-in had promised on the campaign trail to institute a ten-thousand won minimum hourly wage, but concerns over the size and speed of the increases have encouraged policymakers to rethink their approach to the issue.