City Council Speaker Christine Quinn on Friday released details of a compromise on the living wage bill that will require developers who get public subsidies to increase their employees' pay, and business advocates spoke out in support of it.

Right now, the federal minimum wage is $7.25 per hour, but in the compromise bill, which is to be introduced next month, some companies in the city would have to pay their employees $10 per hour with benefits or $11.50 without benefits.

The companies would be limited to those with revenue of more than $5 million per year receiving more than $1 million in direct city subsidies or tax breaks in the future.

"It's not just developers. Think of the different entities that get subsidies in the city of New York: financial firms, big law firms," said Quinn.

It could impact those in mail rooms or cafeterias.

Quinn estimates less than 1,000 people per year will get pay bumps.

"This is a policy that is fair, that will help workers, that will not deter job growth," said Quinn.

Business groups largely opposed the initial bill, but a conglomeration of business interests is onboard.

"They have dialed back the bill to a point where it will have limited damage in terms of job creation," said Kathryn Wylde of the Partnership for New York City.

This would not affect tenants of companies receiving subsidies, which excludes lots of retail workers. Still, the powerful retail workers union came to the news conference to sell the deal.

"I think this is a good bill," said Stuart Applebaum of the retail workers union.

While the bill does not require tenants to pay their employees a living wage, the council wants the Economic Development Corporation to make that happen.

"We have not walked away from trying to impact the tenants, but we want to do it through the EDC policy," said Applebaum.

Mayor Michael Bloomberg's office has been strongly opposed to any living wage bill and issued a response to the compromise announcement, saying "While we appreciate the positive changes Speaker Quinn has made to this legislation we continue to have serious concerns about the impact it could have on reducing the number of jobs in New York City. We need to fully review the bill when it is available to assess its impact on the city’s economy."