Last month the Low Pay Commission recommended that the hourly minimum wage rate should be increased to €9.15 - a 50c increase on the current rate.
The commission findings were published along with a promise to include the increase in the budget next October. It is set to be the first rise in the minimum wage since 2011.
It is also understood that the PRSI system for workers and employers will also be changed, to mitigate the effects of the increase.
The Low Pay Commission said three of its nine members were unhappy with the proposed increase: two of the commission's nine members had called for the wage to be increased to €10 an hour, while another wanted it raised to €9.65.
The news received a mixed response. The Irish Business and Employers group IBEC claimed a minimum wage increase would cripple companies, while the UNITE union said the increase would not go far enough to help low-paid workers.
Several Government representatives, meanwhile, argued that it represented a fair compromise.
Bobby was joined by Fergal O'Brien of IBEC and Colm Quinlan from UNITE on this week's Down to Business to debate the proposed 50c increase on this week's show:
Fergal said, "we do support the minimum wage, and we always have supported the minimum wage as a principle. Indeed we've supported the introduction of the Low Pay Commission.
"In terms of the recommendation that they have sent to Government, we think it is too much too soon. We are disappointed that the recommendation, in our view, is not fully backed up by the evidence of what we're seeing across the economy and job market at the moment," he explained, adding that the cost of living has not gone up since the economic crisis.
Colm countered, "you won't be surprised Bobby to hear we take an entirely different perspective.
"Our message in UNITE - we're ringing it loud and clear - is that work must pay".
He also explained that a 'technical group' of economists have proposed a 'living wage' - not the same as a minimum wage, but a rate that would allow workers to live to a normal standard - of €11.50, with some regional variations.
"As a first step, we had sought... a minimum one euro increase at the moment. While we welcome the 50c, it doesn't go far enough," he pointed out.
You can listen back to the full debate via the podcast above.
