Seoul: Labor and management representatives negotiating next year's legal hourly minimum wage narrowed the gap in their wage proposals to 600 won (US$0.40) on Tuesday in a last-minute effort to reach a final agreement. The labor side proposed 11,150 won for next year's hourly minimum wage, whereas the management side proposed 10,550 won in their 10th revised proposals during a meeting of the Minimum Wage Commission.

According to Yonhap News Agency, the figures translate to an increase of 8.0 percent and 2.2 percent, respectively, from this year's 10,320 won. The labor side had initially proposed 12,000 won, while the management side had called for freezing the minimum wage at this year's level of 10,320 won.

The commission, made up of representatives from labor, business, and public interest groups, is required to finalize the new minimum wage by mid-July for a formal announcement by the labor minister by Aug. 5. The two sides are expected to hold marathon negotiations on Tuesday to work out a final hourly minimum wage for next year.

If the two sides continue to fail to reach an agreement, public interest representatives could step in to mediate negotiations. This year's minimum hourly wage marked a 2.9 percent increase from last year.