Labor and business representatives have presented their initial demands for next year's minimum wage, setting the stage for a tough negotiation.

During the fourth plenary meeting of the Minimum Wage Commission on Wednesday, labor unions demanded a 16.4 percent hike from this year's level, while employers called for a 2.1 percent cut.

Labor representatives want to increase hourly pay to 10,000 won, pointing out that even with the COVID-19 situation, large companies have set wage increases at far higher levels.

The business sector seeks to cut next year's rate to 8,410 won per hour from the current 8,590 won, citing worsening business conditions due to the coronavirus outbreak and sharp increases in the pay floor since 2018.

The commission should reach a decision by mid-July, given that the government is required to issue a public notice by August 5.

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