The Minimum Wage Commission is likely to miss Thursday's deadline to decide on next year's minimum wage. 

In a meeting on Wednesday, business representatives walked out in protest after the commission decided to apply a standard minimum wage for all industries next year, dismissing employers' calls for a differential minimum pay by business sector. 

The commission, comprising 27 people representing the public interest, workers and employers, voted 17-10 in favor of applying a standard wage.

The participants also approved a proposal to specify monthly pay alongside the hourly minimum wage, a move also opposed by business.

The employers' representatives say the sharp minimum wage hikes over the past two years are seriously impacting small businesses and increasing the risk of insolvency.