Labor and management representatives have each submitted revised proposals on next year’s minimum wage after they failed to meet the legal deadline to reach a compromise. 

According to the Korean Confederation of Trade Unions on Thursday, the revised proposals were presented during the eighth full session of the Minimum Wage Commission. 

Labor representatives proposed that next year’s minimum wage be set at 10-thousand-440 won per hour, up by nearly 20 percent from this year. The business sector, for its part, has offered to raise the minimum hourly wage by 20 won to eight-thousand-740 won. 

Compared to their initial proposals, the labor sector revised down their ask by four-point-two percentage points while management raised its offer by point-two percentage points.