Labor and management will seek to narrow differences and try again to set next year's minimum wage during a meeting on Thursday afternoon. 

The two sides will each present during a plenary session of the Minimum Wage Commission revisions to their initials demands after discussions on the first round of revisions submitted on Tuesday made no headway.  

In their initial requests, the labor contingent demanded an almost 27-percent rise in next year's minimum wage to 12-thousand-210 won per hour, while the business side offered a freeze at nine-thousand-620 won. 

In the first round of revisions, labor lowered the rate by point-seven percent from the initial request to 12-thousand-130 won while management offered to raise the exisiting rate by point-three percent to nine-thousand-650 won.  

Some market observers say next year's minimum wage rate is likely to stand at around ten-thousand won per hour.  

The trilateral panel composed of nine representatives each from labor, management and the general public has already missed a deadline to set next year’s rate. It must hand over the set rate to the labor minister by the middle of this month in order for the minister to proclaim the rate by August 5.