Labor and business representatives have again failed to form a consensus on next year's minimum wage. 

The Minimum Wage Commission, a panel consisting of business, labor and public interest representatives, held its eleventh general meeting in Sejong city on Wednesday to discuss new wage proposals put forth by labor and business.

In the latest talks, the labor side proposed an hourly minimum wage of nine-thousand-570 won, or a 14-point-six percent hike from this year’s rate.

The increase is about five percent less than the 19-point-eight percent increase sought by labor during the previous round, which would have brought Korea’s minimum wage to ten-thousand won an hour.

The business sector also adjusted their proposal of a four-point-two percent cut from this year’s rate to a two-percent cut, bringing the wage threshold down to eight-thousand-185 won. 

As the meeting ended without agreement on Wednesday, the wage commission plans to hold a 12th round of negotiations on Thursday.

Both sides are under pressure to reach a compromise given the time needed to prepare for the scheduled announcement of the final plan by the Labor Ministry on August fifth.