Representatives of laborers and employers have both made concessions in negotiations over next year’s minimum wage but failed to reach a deal due to a significant gap remaining between their demands.

The Minimum Wage Commission, which reviews and decides annual minimum wage levels, held the seventh general meeting of the year at the government complex in Sejong City on Tuesday.

During the talks, the labor sector proposed an hourly minimum wage of ten-thousand-340 won for next year, a 12-point-nine percent increase from this year’s nine-thousand-160 won. It was a moderate cut from their initial proposal, ten-thousand-890 won, made last week.

The management side, which initially demanded a freeze on the minimum wage, proposed a one-point-one percent raise to nine-thousand-260 won.

The concessions came after Minimum Wage Commission Chair Park Joon-shik asked both sides last Thursday to submit a modified proposal to help advance deliberations on next year’s level.

With negotiations making little headway over the revised proposals during the drawn-out meeting, the commission decided to resume deliberations at 3 p.m. on Wednesday.