Rival camps have failed to reach an agreement on extending the grace period for the enforcement of the Serious Accident Punishment Act by two years for businesses with fewer than 50 employees.

The floor leaders of the ruling People Power Party(PPP) and main opposition Democratic Party(DP) sat down for talks chaired by National Assembly Speaker Kim Jin-pyo to discuss the matter but failed to iron out differences. 

PPP floor leader Yun Jae-ok told reporters after the meeting that discussions were held on passing a revision bill extending the grace period but that no agreement was reached. 

DP floor leader Hong Ihk-pyo, on his part, said the government and ruling camp had failed to present a sincere proposal regarding the bill. 

Hong added that the door to negotiations remains open but whether further talks will take place will rest on the stance of the government and the ruling party.

Earlier in the day, the government urged the National Assembly to pass the revised bill.

If the extension does not pass this week, the law will be imposed on small businesses from Saturday. 

Under the act, business owners face a minimum one-year prison term or a fine of up to one billion won, or around 747-thousand U.S. dollars, upon the death or serious injury of an employee in the workplace.