Labor and management have significantly narrowed the difference as they attempt to agree on next year's minimum wage.

According to the tripartite Minimum Wage Commission that also includes members of the general public on Thursday, labor and business representatives proposed a minimum wage of ten-thousand-620 won per hour and nine-thousand-785 won per hour, respectively.

The respective rates constitute a ten-point-four-percent and one-point-seven-percent jump from this year's nine-thousand-620 won, or around seven U.S. dollars and 60 cents, per hour.

The latest proposal represents a relatively substantial concession by labor from its initial demand of 12-thousand-210 won per hour, while the business side first called for the rate to be frozen.

The commission will attempt to finalize an agreement on the 2024 wage at the next meeting on Tuesday, which would set a record for the longest review period of 109 days.