Labor and management on Tuesday revealed their latest adjustments as they try to set next year's minimum wage. 

During the 12th plenary session of the Minimum Wage Commission at the government complex in Sejong City, the labor representatives suggested raising the minimum wage for next year to eleven-thousand-540 won per hour, while the management side proposed nine-thousand-720 won.

The latest adjustment is the third to be made by the two sides and the difference between the two sides has narrowed from the initial two-thousand-590 won to one-thousand-820 won. 

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.